NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Dick’s Sporting Goods, Inc. (NYSE: DKS)?
- Did you purchase your shares between May 25, 2022 and August 21, 2023, inclusive?
- Did you lose money in your investment in Dick’s Sporting Goods, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Dick’s Sporting Goods, Inc. (“DSG” or the “Company”) (NYSE: DKS) between May 25, 2022 and August 21, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Western District of Pennsylvania and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired DSG common stock, and/or would like to discuss your legal rights and options please visit Dick’s Sporting Goods, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than April 22, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
According to the Complaint, DSG is a leading sporting goods retailer that sells sports equipment, apparel, footwear, and accessories to retail consumers throughout the United States. DSG is an “omnichannel” retailer, meaning it offers products to consumers in physical store locations as well as online and through mobile apps. The Company has over 700 physical locations across the United States.
Throughout the Class Period, Defendants failed to disclose to investors that: (i) demand for products in DSG’s Outdoor segment was slowing faster than defendants represented, resulting in excess inventory; (ii) the “structural changes” that defendants repeatedly touted, including differentiated products, improved pricing technology, and more efficient clearance channels, did not allow DSG to manage its excess inventory without hurting its profitability; and (iii) the need to liquidate excess inventory, including in the Outdoor segment, would have a materially negative effect on DSG’s profitability.
On August 22, 2023, DSG revealed that profitability for the second quarter of 2023 was significantly lower than previously represented. Specifically, DSG’s net income was $244 million (compared to the analyst consensus estimate of $338 million), earnings per share were $2.82 (compared to the analyst consensus estimate of $3.81), gross margin was 34.4% (compared to the analyst consensus estimate of 36.3%), and pre-tax margin was 10.2% (below DSG’s previously-issued guidance of 11.7%). DSG also lowered its profitability guidance for the rest of fiscal year 2023.
On this news, DSG’s stock price fell $35.51, or over 24%, to close at $111.53 per share on August 22, 2023.
If you purchased or acquired DSG common stock, and/or would like to discuss your legal rights and options please visit Dick’s Sporting Goods, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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