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Dick's Sporting Goods, Inc. (DKS)

NYSE:DKS

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Dick's Sporting Goods, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Dick's Sporting Goods, Inc. (“Dick's” or the “Company”) (NYSE:DKS) of the July 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Dick's stock or options between March 7, 2017 and May 15, 2017 and would like to discuss your legal rights, please fill out the form below.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Dick’s securities between March 7, 2017 and May 15, 2017 (the “Class Period”).  The case, McKenna v. Dick's Sporting Goods, Inc. et al, No. 1:17-cv-03680 was filed on May 16, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.

Specifically, on May 12, 2017, Dick’s 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.”  On this news, over the course of two trading days, Dick’s share price fell from $50.19 per share on May 11, 2017 to a closing price of $47.57 on May 15, 2017—a $2.62 or a 5.22% drop.

Then, 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 advised investors that the Company planned to
scale back new store openings in 2018 and 2019.  On this news, Dick’s share price fell from $47.57 per share on May 15, 2017 to a closing price of $41.04 on May 16, 2017—a $6.53 or a 13.73% drop.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Dick's Sporting Goods, Inc. (DKS)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 05/16/2017

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