NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Dick’s Sporting Goods, Inc. (“DSG” or the “Company”) (NYSE: DKS). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether DSG and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 22, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired DSG securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 22, 2023, DSG issued a press release announcing financial results for the second quarter of fiscal year 2023, ended July 29, 2023, and discussed the results on an accompanying earnings call on the same day. In the press release, DSG revealed that profitability for the second quarter was significantly lower than previously represented. Specifically, the Company’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 the Company’s previously-issued guidance of 11.7%). The Company also lowered its profitability guidance for the rest of fiscal 2023.
During the accompanying earnings call, DSG’s top officers revealed that demand for products in DSG’s Outdoor segment had slowed faster than the Company had previously disclosed, resulting in excess inventory, the liquidation of which had negatively impacted the Company’s profitability.
On this news, DSG’s stock price fell $35.51 per share, or 24.15%, to close at $111.53 per share on August 22, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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