NEW YORK, Nov. 14, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Skechers U.S.A., Inc. ("Skechers" or the "Company") (NYSE: SKX) of the December 22, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Skechers stock or options between April 23, 2015 and October 22, 2015 and would like to discuss your legal rights, click here: www.faruqilaw.com/SKX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Skechers common stock between April 23, 2015 and October 22, 2015 (the "Class Period"). The case, Steamfitters Local 449 Pension Plan v. Skechers U.S.A, Inc. et al, No. 1:17-cv-08107 was filed on October 20, 2017, and has been assigned to Judge Analisa Nadine Torres.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) as a result, the Company's Domestic Wholesale growth was unsustainable; and (3) the Company's positive statements about its business, operations, and prospects lacked a reasonable basis.
Specifically, on October 22, 2015, Skechers issued a press release announcing financial results for the third quarter of 2015, which included disappointing net sales that fell below analysts' estimates. The Company claimed that $20 million in net sales were shifted from the third quarter of 2015 into the second quarter of 2015 due to early customer deliveries. The Company further blamed the disappointing sales results on its inability to compensate for this shortfall in the third quarter of 2015 due to a weaker-than-expected retail environment.
After the announcement, Skechers' share price fell from $46.19 per share on October 22, 2015 to a closing price of $31.64 on October 23, 2015—a $14.55 or a 31.5% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Skechers' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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