NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Dick’s Sporting Goods, Inc. securities (NYSE:DKS) from March 7, 2017 through May 15, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Dick’s Sporting Goods investors under the federal securities laws.
To join the Dick’s Sporting Goods class action, go to http://www.rosenlegal.com/cases-1132.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Dick’s Sporting Goods had overstated its adjusted EBITDA amounts; (2) accordingly, Dick’s Sporting Goods lacked effective internal controls; and (3) as a result, Dick’s Sporting Goods public statements were materially false and misleading at all relevant times.
On May 12, 2017, Dick’s Sporting Goods revealed 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 this news, shares of Dick’s Sporting Goods fell $2.62 per share or over 5% over two trading days to close at $47.57 per share on May 15, 2017, damaging investors. On May 16, 2017, Dick’s Sporting Goods announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and advised investors that Dick’s Sporting Goods planned to scale back new store openings in 2018 and 2019. On this news, shares of Dick’s Sporting Goods fell as much as $6.82 per share or over 14% during intraday trading on May 16, 2017, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 17, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1132.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked # 2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
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