NEW YORK, NY / ACCESSWIRE / November 4, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Skechers U.S.A., Inc. ("Skechers" or the "Company") (SKX) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-08305, is on behalf of a class consisting of investors who purchased or otherwise acquired Skechers securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Skechers securities between April 23, 2015 and October 22, 2015, both dates inclusive, you have until December 22, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Skechers designs, develops, and markets footwear for men, women, and children. The Company's primary reporting segments are: (1) Domestic Wholesale; (2) International Wholesale; and (3) Retail (which includes both domestic and international Company stores). From 2013 through 2015, Domestic Wholesale was the Company's primary driver of growth and accounted for higher net sales as compared to the other two segments. The Domestic Wholesale segment accounted for approximately 39 percent of Skechers' 2015 total net sales. The Company's Domestic Wholesale customers include department stores, athletic footwear retailers, and specialty shoe stores. During the Class Period, Skechers repeatedly touted the strength of customer demand within the Domestic Wholesale segment, which the Company claimed would spur continued sales growth. Skechers frequently emphasized 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, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) as a result of the foregoing, the Company's Domestic Wholesale growth rate was unsustainable; and (iii) as a result of the foregoing, Skechers' public statements were materially false and misleading at all relevant times.