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Dick’s Sporting Goods, Inc.

7 days left to seek lead plaintiff status

Case Summary

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Robbins Geller Rudman & Dowd LLP has filed a class action lawsuit seeking to represent purchasers of Dick’s Sporting Goods, Inc. (NYSE: DKS) common stock between May 25, 2022 and August 21, 2023, inclusive (the “Class Period”).  Captioned Plumbers and Pipefitters Local Union No. 719 Pension Trust Fund v. Dick’s Sporting Goods, Inc., No. 24-cv-00196 (W.D. Pa.), the Dick’s Sporting Goods class action lawsuit charges Dick’s Sporting Goods and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Dick’s Sporting Goods class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Dick’s Sporting Goods class action lawsuit must be filed with the court no later than April 22, 2024.

CASE ALLEGATIONS: The Dick’s Sporting Goods class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) demand for products in Dick’s Sporting Goods’ Outdoor segment was slowing faster than defendants represented, resulting in excess inventory; (ii) the “structural changes” that defendants repeatedly touted, including differentiated products, improved pricing technology, and more efficient clearance channels, did not allow Dick’s Sporting Goods to manage its excess inventory without hurting its profitability; and (iii) the need to liquidate excess inventory, including in the Outdoor segment, would have a materially negative effect on Dick’s Sporting Goods’ profitability.

On May 19, 2023, TD Cowen and Telsey Advisory Group issued analyst reports lowering their sales and earnings per share estimates for Dick’s Sporting Goods for both the first quarter of fiscal year 2023 and the full year.  On this news, the price of Dick’s Sporting Goods common stock fell nearly 7%.

Then, on August 22, 2023, Dick’s Sporting Goods revealed that profitability for the second quarter of 2023 was significantly lower than previously represented.  Specifically, Dick’s Sporting Goods’ net income was $244 million (compared to the analyst consensus estimate of $338 million), earnings per share were $2.82 (compared to the analyst consensus estimate of $3.81), gross margin was 34.4% (compared to the analyst consensus estimate of 36.3%), and pre-tax margin was 10.2% (below Dick’s Sporting Goods’ previously-issued guidance of 11.7%).  Dick’s Sporting Goods also lowered its profitability guidance for the rest of fiscal year 2023.  On this news, the price of Dick’s Sporting Goods common stock fell more than 24%.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.  You can view a copy of the complaint by clicking here.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Dick’s Sporting Goods common stock during the Class Period to seek appointment as lead plaintiff in the Dick’s Sporting Goods class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Dick’s Sporting Goods class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Dick’s Sporting Goods class action lawsuit.  An investor’s ability to share in any potential future recovery of the Dick’s Sporting Goods class action lawsuit is not dependent upon serving as lead plaintiff. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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