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EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Dick's Sporting Goods, Inc. and Reminds Investors with Losses to Contact the Firm
Monday, June 19, 2017 5:58 PM
IRVINE, CA / ACCESSWIRE / June 19, 2017 / Khang & Khang LLP (the "Firm") announces a securities class action lawsuit against Dick's Sporting Goods, Inc. ("Dick's" or the "Company") (NYSE: DKS). Investors who purchased or otherwise acquired shares between March 7, 2017 and May 15, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the July 17, 2017 lead plaintiff motion deadline.
If you purchased shares of Dick's during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, during the Class Period, Dick's made false and/or misleading statements and/or failed to disclose: that the Company overstated its adjusted EBITDA amounts; that Dick's lacked effective internal controls; and that as a result, the Company's public statements were materially false and misleading at all relevant times. On May 12, 2017, Dick's issued a Current Report filed on 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." On this news, Dick's stock price fell $2.62 or 5.22%, over the following two trading days. On May 16, 2017, the Company announced that sales at its existing stores in the first quarter of 2016 fell short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019. When this information was released, Dick's stock price decreased materially, which harmed investors according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions about this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in certain jurisdictions.
Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP