| Company: | Best Buy |
| Ticker Symbol: | BBY |
| Class Period: | Sep-14-10 to Dec-13-10 |
| Date Filed: | Feb-21-11 |
| Lead Plaintiff Deadline: | Apr-22-11 |
| Court: | District of Minnesota |
| Allegations: | |
The Complaint charges Best Buy and certain of its officers and directors violated federal securities laws by making false and misleading statements concerning demand for the Company's consumer electronics product offerings. Specifically, the Complaint alleges that defendants failed to disclose the following facts: (i) demand for Best Buy consumer electronics product offerings was weak or declining and could not support the Company's aggressive fiscal year ("FY") 2011 sales, revenue, and earnings forecasts; (ii) Best Buy's FY 2011 earnings forecast could not be achieved without substantial earnings management and, in particular, a sharp reduction and curtailment of SG&A expenses and aggressive share repurchases which reduced the Company's outstanding shares and increased reported earnings; and (iii) despite defendants' statements to the contrary, and because of weak sales demand, as of September 14, 2010, Best Buy was not "on track to deliver and exceed (its) annual EPS guidance" of $3.70 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
