Big Lots Inc (NYSE: BIG) Investor Securities Class Action Lawsuit 07/09/2012

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Company Name(s): 
Big Lots
Case Name: 
Big Lots Shareholder Class Action Lawsuit 07/09/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BIG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/09/2012
Class Period Begin: 
03/02/2012
Class Period End: 
08/23/2012
Court of Filing: 
U.S. District Court for the Southern District of Ohio
Deadline To File for Lead: 
09/07/2012
Date Settled: 
06/25/2018
Settlement Amount: 
$38,000,000
Deadline to Participate in Settlement: 
10/08/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

June 25, 2018 - The court preliminarily approved the settlement.

May 18, 2018 - Parties filed a stipulation of settlement.

January 21, 2016 - The court granted in part and denied in part defendants' motion to dismiss.

May 6, 2013 - The defendants filed a motion to dismiss.

April 4, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Big Lots Inc (NYSE: BIG) common shares between February 2, 2012 and August 23, 2012. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 2, 2012 and August 23, 2012.

March 5, 2013 - Lead plaintiff and lead counsel were appointed.

September 7, 2012 - Lead plaintiff motion was filed.

July 9, 2012 - An investor in shares of Big Lots Inc (NYSE: BIG) filed a lawsuit in the U.S. District Court for the Southern District of Ohio against Big Lots Inc over alleged violations of Federal securities laws in connection with certain financial statements made between February 2, 2012 and April 23, 2012.

According to the complaint the plaintiff alleges on behalf purchasers of Big Lots Inc (NYSE: BIG) common stock during the period between February 2, 2012 and April 23, 2012, that Big Lots Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 2, 2012 and April 23, 2012, defendants issued materially false and misleading statements regarding Big Lots Inc's business and financial results.

Big Lots Inc reported that its Total Revenue rose from $4.64 billion for a 52 weeks period ending on January 31, 2009 to $5.2 billion for a 52 weeks period ending on Jan. 28, 2012 and its Net Income rose from $154.80 million to $207.24 million for the respective time periods.

The plaintiff alleges that as a result of defendants' allegedly false statements, Big Lots stock (NYSE: BIG) traded at artificially inflated prices between February 2, 2012 and April 23, 2012, reaching a high of $46.81 per share on March 27, 2012.

Then on April 23, 2012, after the market closed, Big Lots Inc provided an update on its First Quarter Sales Guidance. Big Lots Inc, among other things, said that it expects U.S. comparable store sales to be slightly negative compared to its prior guidance.

Shares of Big Lots Inc (NYSE: BIG) fell from $45.65 per share on April 23, 2012 to a close of $34.71 per share on April 24, 2012.

On July 9, 2012, Big Lots Inc (NYSE: BIG) shares closed at $40.24 per share.