Glancy Prongay & Murray LLP (GPM) announces that a class action lawsuit has been filed on behalf of investors that purchased Skechers U.S.A., Inc. (Skechers or the Company) (NYSE: SKX) securities between October 20, 2017 and July 19, 2018, inclusive (the Class Period). Skechers investors have until November 5, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 19, 2018, Skechers announced its financial and operating results for the second quarter 2018. Skechers reported selling, general and administrative (SG&A) expense growth of 19.7%, nearly twice its sales growth of 10.6% for the quarter, which caused earnings from operations to decrease by 5.7% and net earnings to decline by almost 24%. On this news, Skechers share price fell $6.98, or nearly 21%, to close at $26.27 on July 20, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or 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) consequently, Defendants statements about Skechers business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
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If you purchased shares of Skechers during the Class Period you may move the Court no later than November 5, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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