Dicks Sporting Goods Inc (NYSE:DKS) Investor Securities Class Action Lawsuit 05/16/2017

If you purchased a significant amount of shares of Dicks Sporting Goods Inc (NYSE:DKS) between March 7, 2017 and May 15, 2017, and / or if you purchased any NYSE:DKS shares prior to March 7, 2017 and May 15, 2017and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: July 17, 2017. NYSE:DKS investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Dicks Sporting Goods
Case Name: 
Dicks Sporting Goods Shareholder Class Action Lawsuit 05/16/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: DKS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/16/2017
Class Period Begin: 
03/07/2017
Class Period End: 
05/15/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/17/2017
Summary: 

May 16, 2017 (Shareholders Foundation) - An investor in shares of Dicks Sporting Goods Inc (NYSE:DKS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Dicks Sporting Goods Inc in connection with certain allegedly false and misleading statements made between March 7, 2017 and May 15, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Dicks Sporting Goods Inc (NYSE:DKS) common shares between March 7, 2017 and May 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 7, 2017 and May 15, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Dicks Sporting Goods Inc’s had overstated its adjusted EBITDA amounts, that accordingly, the Company lacked effective internal controls, and that as a result of the foregoing, Dicks Sporting Goods Inc’s public statements were materially false and misleading at all relevant times.

Dicks Sporting Goods Inc reported that its Total Revenue rose from over $7.27 billion for the 52 weeks period that ended on January 30, 2016 to over $7.92 billion for the 52 weeks period that ended on January 28, 2017 and that its Net Income for those respective time periods declined from $330.39 million to $287.40 million.

Shares of Dicks Sporting Goods Inc (NYSE:DKS) grew from $34.24 per share to as high as $62.25 per share in late 2016.

On May 12, 2017, Dicks Sporting Goods Inc 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 May 16, 2017, Dicks Sporting Goods Inc announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019.

Shares of Dicks Sporting Goods Inc (NYSE:DKS) declined on May 16, 2017 to $40.25 per share.