Welcome to the Big Lots Securities Litigation Website

This website has been established to provide general information related to the proposed settlement (the "Settlement") of the action captioned Alan Willis v. Big Lots, Inc., et al., No. 2:12-cv-00604-MHW-KAJ (the "Litigation"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 16, 2018, which can be found and downloaded by clicking on the Case Documents tab above.

CASE BACKGROUND

The Litigation is currently pending in the United States District Court for the Southern District of Ohio, Eastern Division (the “Court”), before the Honorable Michael H. Watson. The entities that lead the Litigation, City of Pontiac General Employees' Retirement System and Teamsters Local 237 Additional Security Benefit Fund, are called the Class Representatives.  The individuals and entities, Big Lots, Inc. ("Big Lots"), Steven S. Fishman, Joe R. Cooper, Charles W. Haubiel, II, and Timothy A. Johnson, sued are called the Defendants. The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent the Class.

Plaintiffs allege that Big Lots and several of its officers, former Chairman and Chief Executive Officer, Steven S. Fishman, former President of Big Lots Canada and Chief Financial Officer, Joe R. Cooper, former General Counsel, Charles W. Haubiel, II, and former Senior Vice President of Finance and current Chief Financial Officer, Timothy A. Johnson, violated SEC Rule 10b-5 and Sections 10(b), 20(a), and 20A of the Securities Exchange Act of 1934 by making false and misleading statements to investors concerning Big Lots’ success of operations and financial condition.

Plaintiffs brought this action on July 9, 2012, and following a motion to dismiss brought by Defendants, ultimately succeeded in defeating Defendants’ challenge to dismissal of some of their claims. On March 17, 2017, after extensive discovery and detailed briefing, Judge Watson certified a class of stock purchasers covering the class period March 2, 2012 through August 23, 2012. The parties have completed non-expert discovery, including the production and review of approximately one million pages of documents and taking nearly 30 fact witness depositions. At the time the parties agreed to settle this matter, oral argument on Defendants’ appeal of class certification to the United States Court of Appeals for the Sixth Circuit was scheduled for April 25, 2018. Had the appeal been unsuccessful, the parties would have conducted expert depositions and commenced briefing on any motions for summary judgment.

On May 5, 2016 and September 28, 2017, the parties participated in mediation sessions with the assistance of Robert A. Meyer. In advance of the mediation sessions, the parties submitted detailed descriptions of their case and defenses, and voluminous collections of the evidence in support of their arguments. The parties, through Mr. Meyer, engaged in protracted negotiations before reaching agreement to resolve this matter for $38 million.

Defendants deny each and all of the claims and contentions of wrongdoing alleged by Plaintiffs in the Litigation. Defendants contend that they did not make any materially false or misleading statements, and that they disclosed all material information required to be disclosed by the federal securities laws. Defendants also contend that any losses suffered by members of the Class were not caused by any allegedly false or misleading statements by Defendants.

In exchange for the Settlement and the release of the Released Claims as well as dismissal of the Litigation, Defendants have agreed that a payment of $38 million will be made by Defendants (or on their behalf) to be divided, after taxes, fees, and expenses pro rata pursuant to the Plan of Allocation described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), among all Class Members who send in a valid Proof of Claim and Release ("Proof of Claim").

The Class includes all Persons who purchased Big Lots common stock between March 2, 2012 and August 23, 2012, inclusive, except those Persons and entities that are excluded. Excluded from the Class are Defendants, the officers and directors of Big Lots, members of their immediate families and their legal representatives, heirs, successors, or assigns of any entity in which Defendants have or had a controlling interest. Also excluded from the Class are those Persons who timely and validly request exclusion from the Class pursuant to the Notice.

Although the information in this website is intended to assist you, it does not replace the information contained in the relevant case documents found on the Case Documents tab above. We recommend that you read the relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES