SOURCE: Shareholders Foundation

Shareholders Foundation

July 02, 2012 09:35 ET

Big Lots, Inc. (BIG) Investor Lawsuit Against Directors Over Alleged Wrongdoing Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Jul 2, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Big Lots, Inc. (BIG) against certain officers and directors of Big Lots, Inc. over alleged wrongdoing in connection with certain statements and certain insider trading.

Investors who are current long-term stockholders in shares of Big Lots, Inc. (BIG) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff claims that on March 2, 2012, Big Lots, Inc. issued a press release in which it highlighting "record results" for the fourth quarter of 2011 and fiscal year 2011 and touting positive guidance for its fiscal first quarter of 2012 and fiscal year 2012.

The plaintiff alleges that between March 6, 2012 and March 28, 2012 several of Big Lots' senior officers and directors sold hundreds of thousands of Big Lots shares in a manner inconsistent with their normal trading patterns, thereby reaping in excess of $37 million in allegedly illegal insider trading proceeds for their personal gain.

Then on April 23, 2012, 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 fell from $45.87 per share on April 20, 2012 to $34.71 per share on April 24, 2012.

Those who are current investors in Big Lots shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108