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...
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