Law Offices of Howard G. Smith 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.
Investors suffering losses on their Skechers investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased shares of Skechers, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.