WEST HARTFORD, CT--(Marketwire -07/11/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Ohio on behalf of purchasers of the common stock of Big Lots, Inc. ("Big Lots" or the "Company") (BIG) between February 2, 2012 and April 23, 2012, inclusive (the "Class Period").
The Complaint alleges that Big Lots and certain of its officers and directors violated the federal securities laws. Specifically, it is alleged that defendants concealed the following during the Class Period: (i) Big Lots' consumables line (consisting of household, beauty and health items), which represented a third of Big Lots' business, was deteriorating; and (ii) the Company's electronic products business was being adversely affected as shoppers were increasingly looking at online deals for these big ticket products, which adversely affected the Company's margins and prospects.
On April 23, 2012, after the market closed, Big Lots announced updates to its first quarter 2012 retail sales guidance. The Company forecast a decline in first-quarter same-store sales, slightly negative in comparison to its prior guidance, which estimated a comparable stores sales increase of 2% to 4%. In particular, the Company's consumables business declined significantly. On this news, Big Lots stock fell $11 per share to close at $34.71 per share on April 24, 2012, a one-day decline of 24%.
If you are a member of the class, you may, no later than September 7, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/biglots/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.
- Big Lots