NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Dick’s Sporting Goods, Inc. (“Dick’s Sporting Goods” or the “Company”) (NYSE: DKS ) in the United States District Court for the Southern District of New York on behalf of a class consisting of persons or entities who acquired Dick’s Sporting Goods stock on the open market from March 7, 2017 to May 15, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in s hares of Dick’s Sporting Goods, Inc . a re urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you suffered a loss in Dick’s Sporting Goods, Inc. shares and would like to assist with the litigation process as a lead plaintiff, you may, no later than July 17, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that Defendants issued materially false and/or misleading statements and/or failed to disclose that:
- the Company had overstated its adjusted EBITDA amounts;
- the Company lacked effective internal controls; and
- 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 (SEC) 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 Goods share price fell from $47.57 per share on May 15, 2017 to a closing price of $41.04 on May 16, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
