An investigation on behalf of investors of Hibbett Sports, Inc. (NASDAQ: HIBB) shares over potential securities laws violations by Hibbett Sports, Inc. and certain of its directors and officers 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 Hibbett Sports, Inc. (NASDAQ: HIBB) concerning whether a series of statements by Hibbett Sports, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Birmingham, AL based Hibbett Sports, Inc., together with its subsidiaries, engages in the retail of athletic-inspired fashion products through its stores. Hibbett Sports, Inc. reported that its Total Revenue rose from $986.21 million for the 12 months period that ended on Feb. 3, 2018 to over $1.00 billion for the 12 months period that ended on Feb. 2, 2019 and that its Net income for those time periods declined from $35.03 million to $28.42 million.
On June 14, 2019, after the markets closed, Hibbett Sports, Inc filed a 'Notice of Late Filing' with the SEC, stating that it was unable to file its Quarterly Report on Form 10-Q within the necessary time period due to its recent adoption of the Financial Accounting Standards Board's Accounting Standards Update (ASU) 2016-02, Topic 842, Leases, which necessitated further review of its financial statements.

Shares of Hibbett Sports, Inc. (NASDAQ: HIBB) closed on July 23, 2019 at $18.80 per share.