Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Skechers U.S.A., Inc. (“Skechers”) (NYSE: SKX) and several officers and directors for acts taken during the period of April 23, 2015 and October 22, 2015 (the “Class Period”).
Based on the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Skechers. If you are an affected Skechers shareholder and want to learn more about the investigation, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com, or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and failed to disclose that: (1) Skechers’ 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, Skechers’ domestic wholesale growth rate was not sustainable; and (3) consequently, Skechers’ positive statements about its business and prospects were materially false and misleading at all relevant times.
On October 22, 2015, Skechers issued a press release announcing financial results for the third quarter of 2015, which included net sales that fell short of analysts’ consensus estimates. In that press release, Skechers advised investors that $20 million in net sales were shifted from third quarter 2015 into second quarter 2015 due to the early customer deliveries. Skechers blamed the sales miss on its inability to make up the shortfall in third quarter 2015 due to a weaker-than-expected retail environment. Skechers stock price dropped significantly following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.