Dick's Sporting Goods, Inc.
| Company Name | Dick's Sporting Goods, Inc. |
| Stock Symbol | DKS |
| Class Period | May 25, 2022 to August 21, 2023 |
| Lead Plaintiff Motion Deadline | April 22, 2024 |
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.
Submit Your Information
If you suffered a loss on your Dick's Sporting Goods, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.