Robbins Umeda LLP Announces An Investigation Of Big Lots Inc

Shareholder rights firm Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Big Lots, Inc. Robbins Umeda LLP is investigating whether officers and directors of Big Lots breached their fiduciary duties to shareholders by causing the company to incorrectly report guidance related to increases in same store sales. The firm is also investigating whether officers and directors of Big Lots breached their fiduciary duties by failing to maintain effective internal controls over the company's financial reporting. Less than two months after issuing optimistic guidance on March 2, 2012, that comparable same store sales would increase by 2% to 4% in fiscal 2012, Big Lots announced on April 23, 2012, that comparable same store sales would instead decrease in 2012. In the time between these statements, certain of Big Lots' officer and directors sold over $37 million of their Big Lots shares at inflated prices. Following the Big Lots' downward revision of comparable same store sales guidance on April 23, 2012, Big Lots' value fell from $45.71 per share on April 23, 2012, to close at $34.71 per share on April 24, 2012, a one day decline of approximately 24%.