Dick’s Sporting Goods Board Slams Stock Lawsuit as Nonsensical

June 22, 2021, 8:24 PM

The Dick’s Sporting Goods Inc. board, including executive chairman Ed Stack, fired back in Delaware at claims they gave themselves equity awards timed to skyrocket in value as the market recovered from the Covid-19 pandemic, ridiculing the allegations as “breach by clairvoyance.”

The shareholder lawsuit “relies on the assertion that Stack, acting in the midst of an unprecedented public health crisis, somehow ‘knew’ that Dick’s stock price would rapidly recover,” the board says in a motion to dismiss the case from Delaware’s Chancery Court.

“No part of plaintiff’s claims can survive without attributing to Stack this entirely implausible power of ...

To read the full article log in.

Learn more about a Bloomberg Law subscription