July 13, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in HHGREGG, INC. (NYSE:HGG) shares over potential securities laws violations by certain officers and directors at HHGREGG, INC. in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of HHGREGG, INC. (NYSE:HGG) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about HHGREGGs business, its prospects and its operations were potentially materially false and misleading at the time they were made.

hhgregg, Inc. (NYSE:HGG) reported that its Total Revenue rose from $1.39billion for the 12months period ended on March 31, 2009 to $2.49billion for the 12months period ended on March 31, 2012 and its Net Income for the respective time periods increased from $36.50million to $81.37million.

hhgregg, Inc. (NYSE:HGG) shares grew from $4.23 per share in November 2008 to as high as $30.01 in May 2010. By May 2012 NYSE:HGG traded at roughly $10 per share.

Then on July 10, 2012, after the market closed, hhgregg, Inc. (NYSE:HGG) announced its preliminary fiscal first quarter sales and results. Among other things, hhgregg, Inc. (NYSE:HGG) also updated its fiscal 2013 guidance.

Shares of hhgregg, Inc. (NYSE:HGG) dropped from $11.54 per share on July 10, 2012, to as low as $7.01 per share during July 11, 2012.