Hibbett Sports, Inc. (HIBB) Fails to File its Form 10-Q on Time

On June 14, 2019, after the markets closed, Hibbett Sports, Inc. (HIBB) 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. On this news, shares of Hibbett Sports fell $2.13, or nearly 9.67%, to close at $19.89 on June 17, 2019.