SAN DIEGO & MANHATTAN BEACH, Calif.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Skechers U.S.A., Inc. (NYSE: SKX). The complaint is brought on behalf of all purchasers of Skechers securities between April 23, 2015 and October 22, 2015, for alleged violations of the Securities Exchange Act of 1934 by Skechers' officers and directors. Skechers designs, develops, markets, and distributes footwear for men, women, and children.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/skechers-u-s-a-inc
Skechers Accused of Touting Unrealistic Sales Expectations
According to the complaint, Skechers repeatedly touted the strength of customer demand within the company's Domestic Wholesale segment, which Skechers claimed would spur continued sales growth. Skechers officials continued to maintain confidence in analysts' promising consensus estimates for the remainder of 2015 and anticipated continued sales momentum. However, Skechers' Domestic Wholesale customers took early receipt of fall 2015 inventory, leading them to delay receipt of or cancel pending orders scheduled for delivery in the second half of 2015, causing Skechers' Domestic Wholesale growth rate to be unsustainable. Skechers revealed their slowing sales growth on October 22, 2015, when the company announced disappointing net sales for the third quarter ended September 30, 2015, citing a weaker-than-expected retail environment. On this news, Skechers' stock fell $14.55 per share, or over 31%, to close at $31.64 per share on October 23, 2015, and has yet to recover from this drop.
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.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171030006391/en/
Source: Robbins Arroyo LLP