Robbins Arroyo LLP: Skechers U.S.A., Inc. (SKX) Misled Shareholders According to Shareholder Lawsuit
SAN DIEGO & MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--Dec 3, 2018--Shareholder rights law firm Robbins Arroyo LLP reminds shareholders that purchasers of Skechers U.S.A., Inc. (NYSE: SKX) have filed a shareholder complaint against the company’s officers and directors for alleged breaches of fiduciary duty, insider trading and misappropriation of information, and waste of corporate assets between October 19, 2017 and July 19, 2018. Skechers designs, develops, markets, and distributes footwear for men, women, and children.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/skechers-u-s-a-inc-nov-2018/
Skechers Accused of Misleading Investors About Its Potential for Global Growth
According to the complaint, Skechers officials touted the company’s strong sales growth while having no regard for the unsustainable increases in expenses. Although Skechers led investors to believe that the company would continue to see strong growth on a global scale, in reality, Skechers did not have the operational infrastructure to meet the demand for its products in many of its international markets. The truth began to emerge on April 19, 2018, when Skechers reported expense growth of 23.4% from the previous year compared to only 16.5% in sales growth. On July 19, 2018, Skechers announced that expenses grew by nearly 20%, causing earnings from operations to decrease by 5.7% and net earnings to decline by almost 24%. Since news of Skechers’ troubles first became public, its stock has fallen 37% to close at $26.56 per share on November 29, 2018.
Skechers Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181203006013/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2018.
PUB: 12/03/2018 05:32 PM/DISC: 12/03/2018 05:32 PM