SEC Won't Sue Big Lots Over Ex-CEO's $10M Stock Sale

Law360, New York (May 21, 2013, 9:34 PM EDT) -- Discount retailer Big Lots Inc. said Tuesday that it wouldn't face an enforcement action by the U.S. Securities and Exchange Commission after the regulator investigated a $10 million stock sale that former Big Lots CEO Steve Fishman made before a company announcement that deflated stock values.

In a filing with the SEC, Big Lots said it had received a letter from the agency Monday saying the investigation was over and that the agency didn't plan to take any action. Big Lots had said in December and...
To view the full article, register now.