Saxena White P.A. Files Securities Fraud Class Action Against Skechers USA, Inc.
BOCA RATON, Fla., Sept. 04, 2018 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York against Skechers USA, Inc. (“Skechers” or the “Company”) (NYSE: SKX) on behalf of investors who purchased or otherwise acquired the common stock of the Company between October 20, 2017 and July 19, 2018, inclusive (the “Class Period”).
Skechers is a global footwear company that designs and markets branded footwear for men, women and children. The Company sells its footwear in department, specialty and independent stores, as well as through more than 2,600 retail stores and its online websites. Beyond the United States, Skechers product is available in more than 170 countries and territories through an international network of subsidiaries.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934 and alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, prospects and financial health. Specifically, Defendants failed to disclose that: (1) Skechers lacked the operational infrastructure to handle demand and sustain true sales growth in its international markets; (2) Skechers was relying on expensive, third-party operational solutions to drive its international sales growth; (3) Skechers’ expenses would outgrow sales for the foreseeable future; (4) Skechers’ international sales growth was not sustainable without such outgrown expenses; and (5) as a result of the foregoing, Defendants’ statements about Skechers’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased Skechers shares between October 20, 2017 and July 19, 2018, you may contact Lester Hooker ( firstname.lastname@example.org ) at Saxena White P.A. to discuss your rights and interests.
If you purchased Skechers stock during the Class Period of October 20, 2017 and July 19, 2018 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than November 5, 2018. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.