Press release from Business Wire
Big Lots, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of Big Lots, Inc.
Thursday, July 12, 2012
Big Lots, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of Big Lots, Inc.16:06 EDT Thursday, July 12, 2012 DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Big Lots, Inc. (“Company”) (NYSE: BIG) related to potential securities violations by Big Lots between February 2, 2012 and April 23, 2012 (the “Class Period”). If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. Big Lots and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, the Complaint alleges that the Defendants concealed the following: (a) that Big Lots' consumables line (consisting of household, beauty and health items), which represented a third of Big Lots' business, was deteriorating; and (b) that Big Lots' electronic products business was being adversely affected as shoppers were increasingly looking at online deals for these big ticket products, which adversely affected Big Lots' margins and profits. As a result of defendants' alleged false statements, Big Lots stock traded at artificially inflated prices during the Class Period, reaching a high of $46.81 per share on March 27, 2012. Several of Big Lots' executives took advantage of these inflated prices and unloaded hundreds of thousands of shares of Big Lots stock for millions of dollars of personal gain. The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions. Powers Taylor, LLPPatrick Powers, email@example.comThe Briscoe Law Firm, PLLCWillie Briscoe, 214-706-9314WBriscoe@TheBriscoeLawFirm.com