Cases
Dick's Sporting Goods, Inc. (NYSE: DKS)
Securities Class Action
Overview
Overview
- Date:
- 5/31/2017
- Company Name:
- Dicks's Sporting Goods, Inc.
- Stock Symbol:
- DKS
- Class Period:
- FROM 3/7/2017 TO 5/15/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, May 31, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Dick's Sporting Goods, Inc. (NYSE: DKS) securities between March 7, 2017 and May 15, 2017 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated its adjusted EBITDA amounts; (ii) accordingly, the Company lacked effective internal controls; and (iii) as a result, the Company’s public statements were materially false and misleading.
On May 12, 2017, Dick’s Sporting Goods filed a Form 8-K/A with the Securities and Exchange Commission disclosing 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.” Then on May 16, 2017, Dick’s Sporting Goods announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019. On this news, Dick’s Sporting Goods' share price fell from $47.57 per share on May 15, 2017 to a closing price of $41.04 on May 16, 2017.
If you purchased or otherwise acquired Dick’s Sporting Goods securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated its adjusted EBITDA amounts; (ii) accordingly, the Company lacked effective internal controls; and (iii) as a result, the Company’s public statements were materially false and misleading.
On May 12, 2017, Dick’s Sporting Goods filed a Form 8-K/A with the Securities and Exchange Commission disclosing 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.” Then on May 16, 2017, Dick’s Sporting Goods announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019. On this news, Dick’s Sporting Goods' share price fell from $47.57 per share on May 15, 2017 to a closing price of $41.04 on May 16, 2017.
If you purchased or otherwise acquired Dick’s Sporting Goods securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.