NEW YORK, May 23, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Dick's Sporting Goods, Inc. ("Dick's" or the "Company") (NYSE: DKS).
A class action has been filed in the United States District Court for the Southern District of New York against Dick's, as well as the Company's CEO and CFO, on behalf of investors who purchased or otherwise acquired Dick's securities between March 7, 2017 and May 15, 2017, inclusive (the "Class"), alleging violations of the Securities Exchange Act of 1934.
The complaint alleges that on May 12, 2017, Dick's filed a Form 8-K/A with the SEC reporting 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." Following this news, Dick's share price fell $2.13 per share, or about 4.2%, to close at $48.06 per share on May 12, 2017.
The complaint further alleges that on May 16, 2017, Dick's announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and that Dick's also advised investors that the Company planned to scale back new store openings in 2018 and 2019. Following this news, Dick's share price fell $6.53 per share, or about 13.7%, to close at $41.04 per share on May 16, 2017.
The class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose that (1) Dick's had overstated its adjusted EBITDA amounts, and (2) the Company lacked effective internal controls.
If you are a member of the proposed Class, you may move the court no later than July 17, 2017 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP
