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Report: SEC Looking Into Big Lots CEO’s Trading
A day after announcing his planned retirement, there are reports Big Lots CEO Steve Fishman is the subject of an inquiry by the Securities and Exchange Commission.
In a conference call with reporters yesterday, Fishman told share holders he was leaving the Columbus-based discount retailer next year. Today the Wall Street Journal reports the SEC is looking into a $10 million stock trade Fishman made a month before announcing company share prices were dropping.
The Journal reports had he sold his shares after the announcement, Fishman would have made $2.4 million less.
An SEC spokesperson would not confirm or deny the investigation. Big Lots did not immediately return phone calls, but have told other media they are unaware of an SEC investigation.