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DKS.US
id: 1118
Dick's Sporting Goods (DKS) Missed Guidance Case
W.D. Pennsylvania
Court2:24-cv-00196
Case number05/25/2022
Class period Start08/21/2023
Class period End04/22/2024
Lead Plaintiff motion deadline- $DKS stockholder filed a claim vs. Dick's Sporting Goods for overstating its sales and profitability.
- In August 2023 negative news caused $DKS to fall 24%, losing over $2B in shareholder value.
On February 16, 2024, a suit has been filed, claiming that:
- Demand for Outdoor segment was slowing faster than represented, resulting in excess inventory;
- The touted structural changes did not allow DSG to manage its excess inventory without hurting profitability;
- Liquidate excess inventory would have a materially negative effect on profitability;
- As a result, DSG’s statements about business condition and prospects were materially false and misleading when made.
On August 22, 2023, when the true details entered the market, $DKS declined 24%and lost over $2 billion of its market capitalization, seriously damaging shareholders.
Considering all the representations, investors have reasons to suspect Dick's Sporting Goods of making false claims about its sales and inventory management, that led to investor losses when revealed.
The first affected investor already filed an initial claim vs. Dick's Sporting Goods in Western District of Pennsylvania court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/22/2023
Filing date
02/16/2024
Lead Plaintiff Deadline
04/22/2024
Judge
Kezia O.L. Taylor