NEW YORK (AP) — Shares of Big Lots Inc. are falling on news that federal officials are investigating stock trades by its CEO.
In a Wednesday Securities and Exchange Commission filing, the Columbus, Ohio, company said that it had received a grand jury subpoena from the U.S. Attorney for the Southern District of New York requesting information on trades by CEO Steven Fishman. The SEC has also begun its own probe on the matter.
Then, citing a person familiar with the matter, The Wall Street Journal reported Thursday that the Federal Bureau of Investigations and federal prosecutors were looking at whether Fishman had sold $10.3 million in stock in March based on knowledge of a coming negative corporate announcement.
Officials for Big Lots and the FBI did not immediately return calls seeking comment.