SAN
DIEGO, Feb. 22, 2024 /PRNewswire/ -- DiCello
Levitt LLP announces that purchasers or acquirers of Dick's
Sporting Goods, Inc. ("Dick's" or the "Company") (NYSE: DKS) common
stock between May 25, 2022 and
August 21, 2023, inclusive (the
"Class Period"), have until April 16,
2024 to seek appointment as lead plaintiff of the Dick's
class action lawsuit. The lawsuit charges Dick's and certain of its
senior executive officers with violations of the Securities
Exchange Act of 1934.
If you purchased shares of Dick's common stock between
May 25, 2022 and August 21, 2023, and suffered substantial losses,
and you wish to serve as lead plaintiff in this lawsuit, you may
submit your information here:
https://dicellolevitt.com/securities/dicks/.
You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at
investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are
not represented by counsel unless you retain one. You may select
counsel of your choice. You may also remain an absent class member
and do nothing at this point. An investor's ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
Allegations
The Dick's lawsuit alleges that during the Class
Period, Defendants misrepresented the Company's business and
financial condition by issuing misleading statements and omissions
regarding the Company's financial performance, and particularly the
Company's inventory, margins, and prospects. As the post-pandemic
macroeconomic climate normalized in 2022, Dick's touted its ability
to maintain significantly improved post-pandemic margins and
earnings but misrepresented and omitted to state the extent to
which demand for certain inventory, especially in the Outdoor
segment, had fallen, negatively impacting earnings and margins.
On August 22, 2023, Dick's
announced its financial results for the second quarter of fiscal
year 2023, ended July 29, 2023. The
Company's press release revealed that profitability for the second
quarter was significantly lower than previously represented.
Specifically, the Company's net income was $244 million (versus the analyst consensus
estimate of $338 million), earnings
per share were $2.82 (versus the
analyst consensus estimate of $3.81),
gross margin was 34.4% (versus 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 year 2023. On this
news, the price of Dick's common stock declined 24%, or
$35.51 per share, to close at
$111.53 per share.
About DiCello Levitt
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outcome.
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SOURCE DiCello Levitt LLP