Dec 6 Federal prosecutors issued a subpoena late
last month to closeout retailer Big Lots Inc seeking
documents relating to trades in the company's stock made by its
chief executive, the company said.
The subpoena from the U.S. attorney's office in New York
regarding trades by CEO Steven Fishman was received on Nov. 29,
the company said in a regulatory filing late Wednesday.
"We are fully cooperating with the U.S. Attorney in
connection with the subpoena," the company said. "We also
understand that the SEC has initiated an inquiry into this
matter, but we have not yet received a document request from the
A company spokesman referred further questions to general
counsel Charles Haubiel, who could not immediately be reached
The company said on Tuesday that Fishman would retire for
personal reasons, but would remain in the top role until a
replacement is found.
The Wall Street Journal reported on Tuesday that the U.S.
Securities and Exchange Commission was investigating the sale.
The trades were highlighted last week in a front-page WSJ story
that said Fishman had sold $10 million of his stock a month
before Big Lots reported a surprise quarterly loss that sent its
shares down nearly 25 percent in a day. ()
The company told the Journal that the stock sale was made
"at a time when the company's trading window was open." However,
Fishman's March trade - the subject of the SEC probe - was not
made using a 10b5-1 plan, the company said.
The SEC allows company executives to trade their own stock
by using a preset plan known as "10b5-1," even when they have
access to private information.
Haubiel said on Wednesday that Fishman's departure was
unrelated to the SEC investigation.
A spokesman for the SEC and a spokeswoman for the U.S.
attorney's office in New York declined to comment.