Big Lots stock hurt by probe of trades
Questionable stock sales by executives uncovered by the media forced shares of off-priced retailer Big Lots Inc. down nearly 4 percent last week to a Friday close of $27.22 per share.
An investigation by The Wall Street Journal showed high levels of executive stock sales just before some bad news.
In March, according to reports, Big Lots executives sold $23 million in stock before the release of information that hurt the stock price.
All these trades were made outside of prearranged trading plans.
This is believed to be the same issue that prompted the Manhattan district attorney to file a subpoena against the company.
Ryan & Maniskas LLP, a Wayne, Pa.-based firm, has started an investigation into potential securities law violations. Ryan & Maniskas is a national shareholder litigation firm.
In addition to having several stores in the region, Big Lots, which trades under the symbol BIG, operates a distribution center in Tremont.