SAN DIEGO, May 12, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP (J&W) is investigating potential violations of the federal securities laws by Fossil Group, Inc. (NASDAQ: FOSL) and certain of its officers. Fossil designs, develops, markets, and distributes watches and other consumer fashion accessories. As of December 31, 2016, it owned and operated 94 retail stores and 129 outlet stores located in the United States, as well as 230 retail stores and 132 outlet stores internationally.
On May 9, 2017, Fossil reported a $(48.2) million net loss for the first quarter of fiscal 2017 compared to a profit of $5.8 million for the same quarter in 2016. Diluted (loss) per share was $(1.00), significantly steeper than the $(.27) loss analysts expected. The Company posted revenue of $581.8 million, lower than Wall Street's estimates for $591 million. Following the news, shares closed down 20.4% on May 10, 2017.
Johnson & Weaver has opened an investigation to determine whether investors were misled regarding certain statements the Company made about its business outlook, financial health, and growth prospects.
If you have information that could assist in this investigation, including past employees and others, or if you are a Fossil shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP