An investigation on behalf of current long term investors in Skechers USA Inc (NYSE:SKX) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:SKX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/26/2018 -- An investigation on behalf of current long-term investors in shares of Skechers USA Inc (NYSE:SKX) concerning potential breaches of fiduciary duties by certain directors and officers of Skechers USA Inc was announced.
Investors who are current long term investors in Skechers USA Inc (NYSE:SKX) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:SKX stocks follows a lawsuit filed recently against Skechers USA Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:SKX stocks, concerns whether certain Skechers directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Skechers USA Inc repeatedly touted the strength of customer demand within the Domestic Wholesale segment, which the Company claimed would spur continued sales growth.
The plaintiff alleges that Skechers USA Inc frequently emphasized that its Domestic Wholesale segment growth would continue into the second half of 2015 based on pending orders and meetings with key customers.
However, the plaintiff claims that the Defendants' statements between April 23, 2015 and October 22, 2015 pertaining to back-half 2015 customer demand and sales growth related thereto were materially false and misleading because Defendants failed to disclose that the Company's Domestic Wholesale customers took early receipt of fall 2015 inventory, causing them to delay receipt of and, in some cases, cancel pending orders scheduled for delivery in the second half of 2015, that as a result of the foregoing, the Company's Domestic Wholesale growth rate was unsustainable, and that the Company's positive statements about its business, operations, and prospects lacked a reasonable basis.
The plaintiff says that the Company's slowing sales growth was revealed on October 22, 2015 after the market closed, when Skechers USA Inc issued a press release announcing financial results for the third quarter ended September 30, 2015, which included disappointing net sales that fell short of analysts' consensus estimates.
The plaintiff claims that according to Defendants, $20 million in net sales were shifted from third quarter 2015 into second quarter 2015 due to early customer deliveries and that the defendants blamed the sales miss on the Company's inability to make up this shortfall in third quarter 2015 due to a weaker-than-expected retail environment.
Those who purchased shares of Skechers USA Inc (NYSE:SKX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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