NEW YORK--(BUSINESS WIRE)--Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible violations of federal securities laws by Best Buy Co., Inc. (NYSE: BBY) on behalf of all investors who purchased Best Buy securities between September 14, 2010 and December 13, 2010, inclusive (the “Class Period”).
Weiss & Lurie is investigating whether Best Buy issued materially false and misleading statements by touting strong demand for consumer electronic products and unreasonably forecasting its 2011 earnings per share (“EPS”) as between $3.55 to $3.70. As a result, Best Buy stock traded at a high of $45.63 per share during the Class Period.
On December 14, 2010, Best Buy announced third quarter results, revealing that sales and earnings declined, its top-line growth assumptions had been “too aggressive,” and it was lowering its 2011 EPS forecast to $3.20 to $3.40.
As a result of this news, Best Buy stock, which closed at $41.70 per share on the previous day, declined nearly 15%, closing at $35.52 per share on December 14, 2010. It currently trades below $32 per share.
If you purchased Best Buy securities during the Class Period and suffered losses, or if you have any information that may be relevant to our investigation, please contact Julia J. Sun either by email at infony@weisslurie.com or by telephone at (888) 593-4771. If you wish to serve as a lead plaintiff in a class action lawsuit against Best Buy, you must file a motion with the Court by April 19, 2011. Any class member may move to serve as lead plaintiff, or they can choose to do nothing and remain an absent class member.
Weiss & Lurie has litigated hundreds of class and derivative actions. It has recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at infony@weisslurie.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/.
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