A lawsuit was filed against directors of Big Lots, Inc. over alleged breaches of fiduciary duties and long-term stockholder of NYSE:BIG shares should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/30/2013 -- An investors who currently holds shares of Big Lots, Inc. (NYSE:BIG) filed a lawsuit against certain directors of Big Lots, Inc. over allegedly committing insider trading by selling over $35 million worth of NYSE:BIG shares ahead of a substantial stock price drop.
Investors who are current long term stockholders of shares of Big Lots, Inc. (NYSE:BIG) have certain options and are encouraged to contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to current NYSE:BIG stockholders by selling $37 million worth of Big Lots shares within a three week period in March 2012 while allegedly misrepresenting Big Lots’ financial outlook. The plaintiff claims that when the truth was revealed NYSE:BIG stocks declined over 20% in one day.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Big Lots, Inc. (NYSE:BIG) concerning whether a series of statements regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
In 2012 a lawsuit was also filed against Big Lots, Inc over alleged securities laws violations. The plaintiff alleged that Big Lots, Inc. violated the Securities Exchange Act of 1934 by issuing between Feb. 2, 2012 and April 23, 2012, allegedly materially false and misleading statements regarding the Company's business and financial results.The plaintiff alleges that as a result of defendants' allegedly false statements, Big Lots stock (NYSE:BIG) traded at artificially inflated prices between Feb. 2, 2012 and April 23, 2012, reaching a high of $46.81 per share on March 27, 2012.
Shares of Big Lots, Inc. declined from $45.65 per share on April 23, 2012 to as low as $26.86 per share on November 14, 2012.
On October 29, 2013, NYSE:BIG shares closed at $37.05 per share.
Those who purchased shares of Big Lots, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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