The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Dick's Sporting Goods, Inc. (DKS)

Published 8 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming April 22, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Dick's Sporting Goods, Inc. (“DSG” or the “Company”) (NYSE: DKS) common stock between May 25, 2022 and August 21, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On August 22, 2023, DSG announced disappointing second quarter 2023 financial results, attributing its reduced margins and profitability primarily to promotional sales of excess inventory.

On this news, DSG’s stock price fell $35.51, or 24.1%, to close at $111.53 per share on August 22, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) demand for products in DSG’s Outdoor segment was slowing faster than defendants represented, resulting in excess inventory; (2) the “structural changes” that defendants repeatedly touted, including differentiated products, improved pricing technology, and more efficient clearance channels, did not allow the Company to manage its excess inventory without hurting the Company’s profitability; (3) the need to liquidate excess inventory, including in the Outdoor segment, would have a materially negative effect on the Company’s profitability; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired DSG common stock during the Class Period, you may move the Court no later than April 22, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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