NEW YORK, July 24, 2012 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of a class of purchasers of Big Lots, Inc. ("Big Lots" or the "Company") (NYSE:BIG) stock between February 2, 2012 and April 23, 2012 (the "Class Period").
If you purchased shares of Big Lots during the Class Period, you may contact Peter Safirstein or Sheila Feerick by email to biglotscase@securitieslawfirm.com or by telephone at 1-800-732-5200 or Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or visit our website at www.securitieslawfirm.com.
If you purchased shares of Big Lots during the Class Period, you may request that the Court appoint you as lead plaintiff by September 7, 2012. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Morgan & Morgan, or other counsel of your choice, to serve as your counsel in this action
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results in violation of the Securities Exchange Act of 1934. According to the complaint, during the Class Period the defendants knew but concealed from the investing public that: (a) Big Lots's consumables line – which represented a third of Big Lots's business – was deteriorating; and (b) the Company's electronic products business was being adversely affected as shoppers were increasingly seeking online deals for big ticket products, thus adversely affecting the Company's margins and prospects.
On April 23, 2012, Big Lots issued a press release announcing updates to its first quarter 2012 retail sales guidance. The Company forecast a decline in first-quarter same-store sales, slightly negative in comparison to its prior guidance. On this news, Big Lots's stock fell $11 per share to close at $34.71 per share the following day.
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