LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Dick’s Sporting Goods, Inc. (“Dick’s” or the “Company”) (NYSE: DKS) securities between March 7, 2017 and May 15, 2017, inclusive (the “Class Period”). Dick’s investors have until July 17, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Dick’s investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On May 12, 2017, Dick’s reported 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.” On this news, shares of Dick’s have fallen more than 5% during intraday trading on May 12, 2017.
And, on May 16, 2017, the Company announced a slowdown in sales growth with same-store sales rising 2.4 percent, short of the average 3.6 percent estimated by analysts. The Company’s CEO announced that the Company is taking steps to reduce expenses. On this news shares of Dick’s fell over 13% during intraday trading on May 16, 2017.
The complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Dick’s had overstated its adjusted EBITDA amounts; (ii) accordingly, the Company lacked effective internal controls; and (iii) as a result of the foregoing, Dick’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Dick’s during the Class Period you may move the Court no later than July 17, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.