Best Buy Faces Class Action Over Q3 Results

Law360, New York (March 17, 2011, 7:49 PM EDT) -- A Best Buy Co. Inc. investor filed a putative class action Thursday claiming the electronics retailer lied about its sales performance and earnings forecast, causing shareholders to lose money when its stock price dropped late last year.

Rene LeBlanc, a purchaser of Best Buy securities, told the U.S. District Court for the District of Minnesota that the company’s shares traded artificially high from mid-September through mid-December based on its alleged misstatements.

According to the complaint, Best Buy boasted a healthy demand for its electronic products and...
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