Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating if a
securities violation was committed by Big Lots Inc. (NYSE: BIG) when it
made specific representations about the company’s business, operations
and financial prospects.
On December 5, 2013, the Company announced financial results for its
third quarter of fiscal 2013 that ended November 2, 2013. The
announcement included the news that it plans to shut down its Canadian
operations that it purchased in July 2011. The Company estimated a loss
from Canadian operations of $38 to $43 million in the fourth quarter of
2013 and for the full fiscal year a loss of $52 to $57 million is
anticipated. In the first quarter of 2014 the Company will begin
reporting the Canadian stores as discontinued operations and it expects
losses to be in the range of $44 to $47 million.
On this news, Big Lots’ stock price was down over 14% in mid-day trading
on December 6, 2013. This investigation will determine whether
shareholders were harmed by misleading public statements concerning Big
Lots’ financial performance and prospects. Jim Baker, lead analyst at
Johnson & Weaver, LLP, had this comment about the closure of the
Canadian stores: “This move by Big Lots to close the operations in
Canada is surprising.” Baker continued, “Just in late August of 2013,
the CEO stated in a conference call that the recent name change from
Liquidation World to Big Lots for several of the 76 Canadian stores had
been very well received and that he saw lots of upside.”
If you are a Big Lots shareholder and are interested in learning more
about the investigation or your legal rights and remedies, please
contact lead analyst Jim Baker (jimb@johnsonandweaver.com)
at 619-230-0063, Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
Copyright Business Wire 2013