SEC Reportedly Probing Big Lots CEO Over $10M Stock Sale

Law360, New York (December 5, 2012, 3:32 PM EST) -- The U.S. Securities and Exchange Commission reportedly is investigating the outgoing chief executive of Big Lots Inc. for his sale of $10 million in the discount retailer’s stock before a company announcement that sent share prices plummeting earlier this year.

Big Lots CEO Steven Fishman, who announced his retirement Tuesday, allegedly sold the stock in March, about a month before the company announced its sales had slowed during April, The Wall Street Journal reported. That announcement caused the stock to plummet 24 percent in a single...
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