NEW YORK, Sept. 12, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Skechers U.S.A., Inc. ("Skechers" or the "Company") (NYSE : SKX). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Skechers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 18, 2018, Skechers announced its financial and operating results for the first quarter of 2018, reporting Selling, General and Administrative ("SG&A") expense growth of 23.4%, which significantly exceeded the Company's 16.5% sales growth for the quarter. Following this news, Skechers' stock price fell $11.38, or 27.04%, from a closing price of $42.08 on April 19, 2018, to close at $30.70 on April 20, 2018.
Then, on July 19, 2018, Skechers announced its financial and operating results for the second quarter of 2018, reporting SG&A expense growth of 19.7%, nearly twice its sales growth of 10.6% for the quarter, causing earnings from operations to decrease by 5.7% and net earnings to decline by almost 24%. During a conference call with analysts, Skechers indicated that decreasing its SG&A expense growth was not a priority for the Company, stating that "[w]e just don't necessarily think that way. We're into growth." On this news, Skechers' stock price fell $6.98, or nearly 21%, to close at $26.27 on July 20, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP