48 HOUR DEADLINE: Levi & Korsinsky Notifies Investors With Losses On Their Investment In Big Lots, Inc. Of Class Action Lawsuit And The Deadline Of September 7, 2012 To Seek A Lead Plaintiff Position
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of investors who purchased Big Lots, Inc. (NYSE: BIG) stock between February 2, 2012 and April 23, 2012 (the “Class Period”).
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The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. According to the complaint, during the Class Period the defendants knew but concealed from the investing public that: (a) Big Lots’ consumables line--which represented a third of Big Lots’ business--was deteriorating; and (b) the Company’s electronic products business was being adversely affected as shoppers were increasingly seeking online deals for big ticket products, thus adversely affecting the Company's margins and prospects.
On April 23, 2012, Big Lots issued a press release announcing 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. On this news, Big Lots stock fell $11 per share to close at $34.71 per share the following day.If you suffered a loss in Big Lots you have until September 7, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit Robert H. Lefkowitz; Eduard Korsinsky. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
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