“The Securities and Exchange Commission launched an inquiry into a $10 million sale of stock by Big Lots Inc. BIG +10.33% Chief Executive Steven Fishman before the company announced news that sank its stock, a person familiar with the inquiry said.
Big Lots said Tuesday that Mr. Fishman, 61 years old, intends to retire in order to spend time with his family. The discount retailer said it hadn’t been contacted by the SEC and that the timing of Mr. Fishman’s departure was coincidental to any regulatory interest.
The company said his trades were “properly made” at a time when they were allowed by the company. Mr. Fishman didn’t return calls seeking comment.”
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