SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating if a securities violation was committed by Big Lots Inc. (NYSE: BIG) when it made specific representations about the company’s business, operations and financial prospects.
On December 5, 2013, the Company announced financial results for its third quarter of fiscal 2013 that ended November 2, 2013. The announcement included the news that it plans to shut down its Canadian operations that it purchased in July 2011. The Company estimated a loss from Canadian operations of $38 to $43 million in the fourth quarter of 2013 and for the full fiscal year a loss of $52 to $57 million is anticipated. In the first quarter of 2014 the Company will begin reporting the Canadian stores as discontinued operations and it expects losses to be in the range of $44 to $47 million.
On this news, Big Lots’ stock price was down over 14% in mid-day trading on December 6, 2013. This investigation will determine whether shareholders were harmed by misleading public statements concerning Big Lots’ financial performance and prospects. Jim Baker, lead analyst at Johnson & Weaver, LLP, had this comment about the closure of the Canadian stores: “This move by Big Lots to close the operations in Canada is surprising.” Baker continued, “Just in late August of 2013, the CEO stated in a conference call that the recent name change from Liquidation World to Big Lots for several of the 76 Canadian stores had been very well received and that he saw lots of upside.”
If you are a Big Lots shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063, Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.