Dick’s Sporting Goods, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The lawsuit alleges that the defendants provided misleading information about Dick’s Sporting Goods’ inventory levels, profit margins, and future business prospects. In particular, it is claimed that the defendants did not reveal that: (a) the demand for products within Dick’s Outdoor segment was decreasing more rapidly than they had indicated, leading to an accumulation of unsold inventory; (b) the “structural changes” praised by the defendants, such as unique product offerings, enhanced pricing technology, and more efficient clearance strategies, were insufficient in managing the surplus inventory without adversely affecting the company’s profitability; and (c) the necessity to sell off the excess inventory, especially from the Outdoor segment, would significantly harm the company’s profit margins.
On August 22, 2023, Dick’s Sporting Goods reported unsatisfactory financial results for the second quarter of the fiscal year 2023, citing major losses in margins and profitability due to the need to discount excessive Outdoor inventory. This disclosure led to a 24% drop in the price of Dick’s common stock, which closed at $111.53 per share.
