|Company name||Skechers U.S.A., Inc.|
|Class period||April 23, 2015 – October 22, 2015|
|Lead plaintiff deadline||December 22, 2017|
|Court||Southern District of New York|
NEW YORK, October 25, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Southern New York on behalf of all persons or entities who purchased or otherwise acquired Skechers U.S.A., Inc. (NYSE: SKX) securities between April 23, 2015 and October 22, 2015 (the “Class Period”). Investors have until December 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Skechers designs, develops, and markets footwear for men, women, and children. From 2013 through 2015, Domestic Wholesale was the Company’s primary driver of growth and accounted for higher net sales than the Company’s other segments.
During the Class Period, Skechers repeatedly emphasized the strength of customer demand within the Domestic Wholesale segment and claimed that its Domestic Wholesale segment growth would continue into the second half of 2015 based on pending orders and meetings with key customers.
The Complaint alleges that Skechers made false and/or misleading statements and/or failed to disclose that the Company’s Domestic Wholesale customers took early receipt of fall 2015 inventory, causing them to delay receipt of and/or cancel pending orders scheduled for delivery in the second half of 2015. As a result of the foregoing, the Company’s Domestic Wholesale growth rate was unsustainable, and the Company’s financial statements were materially false and misleading throughout the Class Period.
On October 22, 2015, post-market, the Company issued a issued a press release announcing financial results for the third quarter ended September 30, 2015, which included disappointing net sales that fell short of analysts’ consensus estimates. According to Defendants, $20 million in net sales were shifted from third quarter 2015 into second quarter 2015 due to early customer deliveries. Defendants blamed the sales miss on the Company’s inability to make up this shortfall in third quarter 2015 due to a weaker-than-expected retail environment.
Following this news, Skechers shares fell $14.55 per share, or over 31%, to close at $31.64 per share on October 23, 2015.
If you purchased or otherwise acquired Skechers securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.