BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Big Lots, Inc. (“Big Lots” or the “Company”) (NYSE:BIG) concerning possible violations of federal securities laws. Big Lots, through its subsidiaries, operates as a broadline closeout retailer in the United States and Canada. The Company offers products under various merchandising categories such as consumables -- including food, health and beauty -- plastics, paper, pet supplies, furniture, case goods and seasonal items.
The investigation focuses on allegations that certain statements issued by Big Lots between February 2, 2012 and April 23, 2012 concerning the Company’s business and financial performance were false and misleading. Specifically, the investigation relates to allegations that Big Lots misrepresented or failed to disclose that business was deteriorating in the Company’s consumables line – representing one-third of the Company’s business – and that the Company’s margins and prospects were being adversely affected by shoppers searching for online deals for big-ticket electronic products.
On April 23, 2012, after the market closed, Big Lots issued a press release updating its first-quarter 2012 retail sales guidance, forecasting a decline in first-quarter same-store sales; moreover, the Company’s consumables business declined significantly. Following this news, Big Lots stock price plummeted 24%, or $11.00 per share, to close at $34.71 per share on April 24, 2012
If you purchased Big Lots common stock between February 2, 2012 and April 23, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.