SOURCE: Brower Piven, A Professional Corporation

February 23, 2011 16:33 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $750,000 From Investment in Best Buy Co., Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 19, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 23, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of Best Buy Co., Inc. ("Best Buy" or the "Company") (NYSE: BBY) during the period between September 14, 2010 and December 13, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 19, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that demand for Best Buy consumer electronics product offerings was weak or declining and could not support the Company's aggressive fiscal year 2011 sales, revenue, and earnings forecasts, including its annual earnings guidance of $3.55 to $3.70 per share. According to the complaint, as a result of the Company reporting, on December 14, 2010, third quarter 2011 revenue of $0.54 per share and cutting its FY 2011 $3.55 to $3.70 per share earnings forecast to $3.20 to $3.40 per share, the value of Best Buy shares declined significantly.

If you have suffered a net loss for all transactions in Best Buy Co., Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact