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DKS.US
id: 1118

Dick's Sporting Goods (DKS) Missed Guidance Case

W.D. Pennsylvania
Court
2:24-cv-00196
Case number
25 May 2022
Class period Start
21 Aug 2023
Class period End
22 Apr 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.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
22 August 2023
Filing date
16 February 2024
Lead Plaintiff Deadline
22 April 2024
Judge
Kezia O.L. Taylor
Collecting participants…

Dick’s Sporting Goods Inc

DICK'S Sporting Goods, Inc., together with its subsidiaries, operates as a sporting goods retailer primarily in the United States. The company provides hardlines, includes sporting goods equipment,...

    Ticker
    DKS.US
    ISIN
    US2533931026
    CIK
    1089063
    Sector
    Consumer Cyclical
    Industry
    Specialty Retail
    Country
    USA
    Address
    345 Court Street, Coraopolis, PA, United States, 15108