SOURCE: Izard Nobel LLP

February 21, 2011 16:44 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Best Buy Co., Inc.

WEST HARTFORD, CT--(Marketwire - February 21, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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") (NASDAQ: BBY) between September 14, 2010 and December 13, 2010, inclusive (the "Class Period"). 

The Complaint charges Best Buy and certain of its officers and directors violated federal securities laws by making false and misleading statements concerning demand for the Company's consumer electronics product offerings. Specifically, the Complaint alleges that defendants failed to disclose the following facts: (i) demand for Best Buy consumer electronics product offerings was weak or declining and could not support the Company's aggressive fiscal year ("FY") 2011 sales, revenue, and earnings forecasts; (ii) Best Buy's FY 2011 earnings forecast could not be achieved without substantial earnings management and, in particular, a sharp reduction and curtailment of SG&A expenses and aggressive share repurchases which reduced the Company's outstanding shares and increased reported earnings; and (iii) despite defendants' statements to the contrary, and because of weak sales demand, as of September 14, 2010, Best Buy was not "on track to deliver and exceed [its] annual EPS guidance" of $3.70 per share.

If you are a member of the class, you may, no later than April 19, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/bestbuy/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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