LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the July 17, 2017 deadline to file a lead plaintiff motion in the class action 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 in this class action. To obtain information or participate in the class action, please visit the Dick’s Sporting Goods page on our website at www.glancylaw.com/case/dicks-sporting-goods-inc.
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.”
Then on May 16, 2017, the Company announced a slowdown in sales growth, with same-store sales rising just 2.4 percent, short of the average 3.6 percent estimated by analysts. The Company’s CEO also announced that Dick’s was taking steps to reduce expenses. On this news, shares of Dick’s fell more than 13% 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.
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If you purchased shares of Dick’s during the Class Period you may move the Court no later than July 17, 2017, to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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