Best Buy BBY Securities Stock Fraud

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Company: Best Buy
Ticker Symbol: BBY
Class Period: Sep-14-10 to Dec-13-10
Date Filed: Feb-21-11
Lead Plaintiff Deadline: Apr-22-11
Court: District of Minnesota
West Hartford, CT: A lawsuit seeking class action status has been filed in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of Best Buy Co., Inc. ("Best Buy" or the "Company") (NASDAQ: BBY) between September 14, 2010 and December 13, 2010, inclusive (the "Class Period").

The Complaint charges Best Buy and certain of its officers and directors violated federal securities laws by making false and misleading statements concerning demand for the Company's consumer electronics product offerings. Specifically, the Complaint alleges that defendants failed to disclose the following facts: (i) demand for Best Buy consumer electronics product offerings was weak or declining and could not support the Company's aggressive fiscal year ("FY") 2011 sales, revenue, and earnings forecasts; (ii) Best Buy's FY 2011 earnings forecast could not be achieved without substantial earnings management and, in particular, a sharp reduction and curtailment of SG&A expenses and aggressive share repurchases which reduced the Company's outstanding shares and increased reported earnings; and (iii) despite defendants' statements to the contrary, and because of weak sales demand, as of September 14, 2010, Best Buy was not "on track to deliver and exceed (its) annual EPS guidance" of $3.70 per share.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Best Buy BBY Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Best Buy securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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