NEW YORK, Dec. 11, 2017 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that only eleven days remain to file a
motion for lead plaintiff in a class action pending against
Skechers (USA), Inc. ("Skechers"
or the "Company") (NYSE: SKX). The case, which is pending in
the United States District Court
for the Southern District of New
York, alleges claims on behalf of a class (the "Class")
consisting of all persons or entities who purchased the securities
of Skechers during the period between April
23, 2015 and October 22, 2015
(the "Class Period"). The complaint alleges that Defendants
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934.
Skechers designs, develops, and markets footwear for men, women,
and children. Throughout the Class Period, Defendants
allegedly touted the strength of customer demand within its
Domestic Wholesale segment, which the Company claimed would spur
continued sales growth. However, these statements were
allegedly false and misleading because the Company failed to
disclose that: (1) 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 Domestic Wholesale segment's growth rate
was unsustainable; and (3) the Company's positive statements about
its business, operations, and prospects therefore lacked a
reasonable basis.
Skechers' slowing sales growth was revealed on October 22, 2015 when, after the market closed,
the Company issued a press release announcing financial results for
the third quarter ended September 30,
2015. These results included disappointing net sales that
fell short of analyst estimates. Specifically, $20 million in net sales were shifted from third
quarter 2015 into second quarter 2015 due to early customer
deliveries. On this news, the price of Skechers common stock
fell $14.55 per share, or 31.5%, to
close at $31.64 on October 23, 2015.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in Skechers securities during the Class
Period. If you invested in Skechers securities as described
above, and lost money on the transactions, you may wish to join in
this action to serve as lead plaintiff. In order to do so,
you must meet certain requirements set forth in the applicable law
and file appropriate papers no later than December 22, 2017.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Skechers
investor and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3.5 billion for its clients.
The Firm has been named to the National Law Journal's "Plaintiffs'
Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the
court for the United States
District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2017 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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