Dick’s Sporting Goods Class Action Lawsuit: What Investors Need to Know

If you suffered losses in Dick's Sporting Goods stock, contact Dick's Sporting Goods stock loss lawyer Timothy L. Miles

INTRODUCTION TO THE DICK’S SPORTING GOODS CLASS ACTION LAWSUIT

Contact us today for a free case evaluation if you suffered losses in Dick's Sporting Goods stock

​Investors who suffered losses in Dick’s Sporting Goods stock between May 25, 2022, and August 21, 2023, (the "Class Period") have the option to participate in a class action lawsuit filed against Dick’s Sporting Goods, Inc. (NYSE: DKS). The Dick’s Sporting Goods class action lawsuit, titled "Plumbers and Pipefitters Local Union No. 719 Pension Trust Fund v. Dick’s Sporting Goods, Inc.," alleges that Dick’s Sporting Goods and certain executive officers violated the Securities Exchange Act of 1934.

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Allegations in the Dick’s Sporting Goods Class Action Lawsuit

The Dick’s Sporting Goods class action lawsuit alleges that throughout the class period, Dick’s Sporting Goods made false and/or misleading statements and failed to disclose important information. Specifically, the Dick’s Sporting Goods lawsuit claims that demand for products in Dick’s Sporting Goods' Outdoor segment was slowing faster than represented, resulting in excess inventory. The lawsuit also alleges that the company's touted "structural changes" did not effectively manage the excess inventory without negatively impacting profitability.
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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. This news led to a nearly 7% drop in the price of Dick’s Sporting Goods common stock. Then, on August 22, 2023, Dick’s Sporting Goods revealed significantly lower profitability for the second quarter of 2023 compared to previous representations. This announcement caused the price of Dick’s Sporting Goods common stock to drop more than 24% and erasing nearly a quarter of the company's market capitalization. 

WHAT IS A SECURTIES FRAUD CLASS ACTION SUCH AS THE DICK’S SPORTING GOODS CLASS ACTION LAWSUIT?

​​​​A securities fraud class action refers to a legal action taken by a group of investors who have suffered financial losses as a result of fraudulent activities committed by a company or its executives. This type of lawsuit is typically filed when a company misrepresents or withholds important information from investors, leading to a decline in the value of their investments. The purpose of a securities fraud class action is to seek compensation for the affected investors and hold the company accountable for its fraudulent practices.  Securities fraud class actions are governed by the Private Securities Litigation Reform Act (PSLRA).

One notable securities fraud class action lawsuit is the Dick’s Sporting Goods class action lawsuit. In this case, investors who purchased Dick’s Sporting Goods securities alleged that the company made false and misleading statements and misled investors, and when the truth was ultimately disclosed, they suffered losses from purchasing shares that had been artificially inflated by the false and misleading information.

Securities fraud class actions are typically initiated by a lead plaintiff or a group of lead plaintiffs who represent the interests of all the affected investors. The lead plaintiff is often an institutional investor or a large shareholder who has suffered substantial losses and possesses the resources and expertise to effectively pursue the lawsuit on behalf of the class. The lead plaintiff's role is crucial in coordinating with legal counsel, gathering evidence, and making strategic decisions throughout the litigation process.

To proceed with a securities fraud class action, the lead plaintiff must demonstrate that there is a common issue of law or fact among the members of the class and that a class action is the most efficient and appropriate method for resolving their claims. If these requirements are met, the court will certify the lawsuit as a class action, allowing all eligible investors to participate in the litigation and share in any potential recovery.

Once certified, the securities fraudCIB class action typically goes through several stages, including discovery, where both parties exchange relevant documents and information, and motion practice, where each side presents legal arguments to the court. If the case does not settle during these stages, it may proceed to trial, where a jury or judge will determine liability and damages.

In securities fraud class actions, the defendants are usually the company accused of fraud and its executives who were involved in the fraudulent activities. The lead plaintiff seeks damages on behalf of all class members, which may include compensation for their financial losses, interest, attorneys' fees, and other costs incurred throughout the litigation process.

In conclusion, a securities fraud class action is a legal mechanism used by investors to seek compensation for financial losses resulting from fraudulent activities committed by a company. The Dick’s Sporting Goods class action lawsuit serves as an example of how investors can hold companies accountable for their alleged misrepresentations and omissions. These lawsuits play an essential role in protecting investor rights and promoting transparency in the financial markets.

Lead Plaintiff Deadline and Lead Plaintiff Process

​Investors who wish to be considered as lead plaintiffs in the Dick’s Sporting Goods class action lawsuit must file a motion to be appointed as lead plaintiffs no later than April 22, 2024. The lead plaintiff is typically an institutional investor or large shareholder with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. They play a crucial role in coordinating with legal counsel and making strategic decisions throughout the litigation process.

Stages of the Dick’s Sporting Goods Class Action Lawsuit

The Dick’s Sporting Goods class action lawsuit will go through several stages, including consolidation of related cases, the appointment of a lead plaintiff, the filing of a consolidated complaint, defendants' motion to dismiss, class certification, discovery, settlement talks, motions for summary judgment, trial, and potential appeals. These stages ensure a thorough examination of the allegations and provide opportunities for affected investors to seek compensation.

Key Elements to Prove in a Securities Fraud Class Action Lawsuit

​To prevail in a securities fraud class action lawsuit like the Dick’s Sporting Goods lawsuit, plaintiffs must establish six elements:

1. The defendant made a material misrepresentation or omission.
2. The defendant acted with scienter, a wrongful state of mind.
3. The misrepresentation or omission was made in connection with the purchase or sale of a security.
4. The plaintiff relied on the misrepresentation or omission.
5. The plaintiff suffered an economic loss due to the fraud.
6. The plaintiff can prove loss causation, showing that the fraudulent misrepresentation or omission caused the economic loss.

These elements form the basis for securities fraud claims brought under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.

THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE DICK’S SPORTING GOODS LAWSUIT

Serving as a Lead Plaintiff in the Dick’s Sporting Goods lawsuit has several important benefits and advantages including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred in the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit of being involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against Dick’s Sporting Goods​​ if you suffered significant losses in Dick’s Sporting Goods​​ stock. 

the RESPONSIBILITIES THE LEAD PLAINTIFF will HAVE IN THE DICK’S SPORTING GOODS CLASS ACTION LAWSUIT

​​A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Dick’s Sporting Goods class action lawsuit.  Some of the responsibilities of the Lead Plaintiff in the Dick’s Sporting Goods class action lawsuit include:

• Selecting, monitoring, and overseeing Lead Counsel.
• Reviewing and commenting on court filings on behalf of the class.
• Discussing litigation strategies with the Lead Counsel.
• Attending depositions (if necessary) and giving a deposition.
• Attending hearings (if necessary).
• Participating in mediation and the trial (if necessary).
• Provide input on any decision concerning the settlement of the securities class action.

THE LEAD PLAINTIFFS will not GET MORE MONEY THAN CLASS MEMBERS IF THE DICK’S SPORTING GOODS CLASS ACTION LAWSUIT SETTLES

However, they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Dick’s Sporting Goods class action lawsuit. Under the PSLAR, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Dick’s Sporting Goods class action lawsuit on behalf of investors who suffered losses in Dick’s Sporting Goods​ stock. ​

HOW tHE CLASS PERIOD was DETERMINED IN THE DICK’S SPORTING GOODS LAWSUIT

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives.  The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading.  The class period ends when the truth is revealed to the investing public through a corrective disclosure.  
 
To be a part of the class in the Dick’s Sporting Goods lawsuit, you must have suffered losses in Dick’s Sporting Goods​​ stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Dick’s Sporting Goods​​​.  

a DICK’S SPORTING GOODS STOCK LOSS LAWYER can HELP you

A Dick’s Sporting Goods stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals such as the Dick’s Sporting Goods lawsuit. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, they have lost money due to mistakes, incompetence, or fraud by an investment professional.

While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. 

Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions​​.

One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic, including most recently being named a Top 25 Class action lawyer by the National Trial Lawyers Association, and has maintained an AV rating from Martindale-Hubble since 2014, was named a 2023 Top Rated Litigator and 2023 Top Rated Lawyer by Martindale-Hubble and ALM, and was recently named a 2023 Elite Lawyer of the South by Martindale-Hubble for the fifth year in a row, and was a recipient of Avvo Client’s Choice Award in 2021, in 2022 was featured in the Top 100 Lawyers Magazine and received the Lifetime Achievement Award by Premier Lawyers of America (2019–2021).

​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

how to determine if you are A MEMBER OF THE CLASS IN THE DICK’S SPORTING GOODS LAWSUIT

​​If you purchased shares during the class period and suffered losses in Dick’s Sporting Goods stock, then you are most likely a member of the class in the Dick’s Sporting Goods lawsuit and may participate in the Dick’s Sporting Goods lawsuit since you suffered losses in Dick’s Sporting Goods​​ stock.

you have the right to object to any settlement you do not think is fair or reasonable

​If you receive a notice that the Dick’s Sporting Goods class action lawsuit has been settled and you do not believe the settlement is fair but do not want to opt-out and file your own lawsuit, you may object to the settlement. You may object to any part of the settlement and the Court will consider all timely filed objections in the class action against Dick’s Sporting Goods​​. The notice will contain the date when any objections must be filed and will include instructions on where to send your objection and will also include a date for the final hearing in the Dick’s Sporting Goods class action lawsuit if you would like to appear and be heard by the court in the class action against Dick’s Sporting Goods​​.

CONTACT A DICK’S SPORTING GOODS​ STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN DICK’S SPORTING GOODS​ STOCK ABOUT A DICK’S SPORTING GOODS CLASS ACTION LAWSUIT

​If you suffered losses in Dick’s Sporting Goods​ stock, contact Dick’s Sporting Goods​ stock loss lawyer Timothy L. Miles today for a free case evaluation about a Dick’s Sporting Goods class action lawsuit. Call today and see what a Dick’s Sporting Goods stock loss lawyer could do for you if you suffered losses in Dick’s Sporting Goods​​​ ​stock.

It will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​Email: [email protected]

Dick’s Sporting Goods​ stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529