The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Dick’s Sporting Goods, Inc. (NYSE : DKS) securities between March 7, 2017 and May 15, 2017.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated its adjusted EBITDA amounts; (ii) accordingly, the Company lacked effective internal controls; and (iii) as a result, the Company’s public statements were materially false and misleading. On May 12, 2017, Dick’s Sporting Goods filed a Form 8-K/A with the Securities and Exchange Commission disclosing 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.” Then 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 the Company planned to scale back new store openings in 2018 and 2019. On this news, Dick’s Sporting Good's share price fell from $47.57 per share on May 15, 2017 to a closing price of $41.04 on May 16, 2017.
If you suffered a loss in Dick’s Sporting Goods, Inc. you have until July 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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