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Skechers U.S.A., Inc. (SKX)

NYSE:SKX

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Skechers U.S.A., Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX) of the December 22, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Skechers stock or options between April 23, 2015 and October 22, 2015 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Skechers common stock between April 23, 2015 and October 22, 2015 (the “Class Period”).  The case, Steamfitters Local 449 Pension Plan v. Skechers U.S.A, Inc. et al, No. 1:17-cv-08107 was filed on October 20, 2017, and has been assigned to Judge Analisa Nadine Torres.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company’s 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, the Company’s Domestic Wholesale growth was unsustainable; and (3) the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.

Specifically, on October 22, 2015, Skechers issued a press release announcing financial results for the third quarter of 2015, which included disappointing net sales that fell below analysts’ estimates. The Company claimed that $20 million in net sales were shifted from the third quarter of 2015 into the second quarter of 2015 due to early customer deliveries. The Company further blamed the disappointing sales results on its inability to compensate for this shortfall in the third quarter of 2015 due to a weaker-than-expected retail environment.

After the announcement, Skechers’ share price fell from $46.19 per share on October 22, 2015 to a closing price of $31.64 on October 23, 2015—a $14.55 or a 31.5% drop.

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  • Case:
    Skechers U.S.A., Inc. (SKX)
  •    

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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 10/23/2017

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