LOS ANGELES, CA / ACCESSWIRE / June 9, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Dick's Sporting Goods, Inc. ("Dick's" or the "Company") (DKS) regarding possible violations of federal securities laws between March 7, 2017 and May 15, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the July 17, 2017 lead plaintiff motion deadline.
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No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may choose to do nothing and be an absent class member as well.
According to the Complaint, throughout the Class Period, Dick's made false and/or misleading statements and/or failed to disclose: that the Company overstated its adjusted EBITDA amounts; that Dick's lacked effective internal controls; and that as a result of the above, the Company's public statements were materially false and misleading at all relevant times.
On May 12, 2017, Dick's issued a Current Report filed on Form 8-K/A with the SEC, reporting that a "computation error resulted in a $23.4 million overstatement of Adjusted EBITDA amounts for both the 13 weeks and 52 weeks ended January 28, 2017." Upon release of this news, Dick's share price fell $2.62, or 5.22%, over the following two trading days.
On May 16, 2017, Dick's announced that sales at its existing stores in the first quarter of 2016 fell short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019. Upon release of this news, Dick's stock price dropped materially, which harmed investors according to the Complaint.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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SOURCE: Lundin Law PC