Company Website:
http://www.skechers.com
MANHATTAN BEACH, Calif. -- (Business Wire)
SKECHERS U.S.A., Inc. (NYSE:SKX), a global leader in footwear, today
announced the preliminary court approval on September 16, 2014 of the
settlement of a pending shareholder derivative action, entitled
Basaraba v. Greenberg, et al., Case No. CV-13-05061-PSG (SHx) (C.D.
Cal.). The settlement is subject to final court approval. The summary
notice reads as follows:
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UNITED STATES DISTRICT COURT |
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CENTRAL DISTRICT OF CALIFORNIA |
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GLORIA BASARABA, Derivatively on
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Case No. 13-CV-05061-PSG (SHx)
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Behalf of Nominal Defendant SKECHERS
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U.S.A., INC.,
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Plaintiff,
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v.
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ROBERT GREENBERG, MICHAEL
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GREENBERG, JEFFREY GREENBERG,
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DAVID WEINBERG, RICHARD SISKIND,
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Courtroom: 880
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GEYER KOSINSKI, MORTON ERLICH,
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Judge: Hon. Philip S. Gutierrez
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RICHARD A.RAPPAPORT, and THOMAS
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WALSH,
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Complaint Filed: September 5, 2013
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Defendants,
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Trial Date: N/A
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-and-
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SKECHERS U.S.A., INC.,
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Nominal Defendant.
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NOTICE OF PROPOSED SETTLEMENT OF DERIVATIVE
ACTION
TO:ANY OWNER OF SKECHERS U.S.A., INC.’S (“SKECHERS”) COMMON
STOCK
YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States
District Court for the Central District of California, Western Division,
a hearing will be held on November 10, 2014, at 1:30p.m., before the
Honorable Philip S. Gutierrez, United States District Judge, United
States Courthouse, Courtroom 880, Edward R. Roybal Federal Building, 255
East Temple Street, Los Angeles, CA, 90012, for the purpose of
determining whether the Proposed Settlement in the above captioned
derivative action (the “Derivative Action”) should be approved as fair,
reasonable and adequate, and whether a judgment dismissing the
Derivative Action should be entered. Plaintiff is a Skechers shareholder
who filed certain claims against the nine members of Skechers’ Board of
Directors and a former Skechers employee on behalf and in the right of
Skechers. In connection with the Settlement, Skechers has agreed to
adopt certain corporate governance procedures, and Defendants are being
released from liability to Skechers. While continuing to deny all
allegations of wrongdoing or liability whatsoever, Individual Defendants
have agreed to the Settlement to eliminate the expense, risks, and
uncertain outcome of the litigation. As part of the Settlement,
Plaintiff will request payment of up to $350,000 for Plaintiff’s
Counsels’ fees and expenses and Plaintiff’s incentive award. Plaintiff’s
requests are subject to the Court’s approval and will be paid by
Defendants directly or through their insurer the amount approved by the
Court.
IF YOU ARE A CURRENT OWNER OF SKECHERS COMMON STOCK YOUR RIGHTS MAY
BE AFFECTED BY PROCEEDINGS IN THE DERIVATIVE ACTION.
A more detailed form of notice describing the Settlement is available on
the websites of Hynes Keller & Hernandez, LLC, www.hkh-lawfirm.com,
and Faruqi & Faruqi, LLP, www.faruqilaw.com.
You can object to the Settlement if you dislike any part of it, or if
you disagree with Plaintiff’s Counsel’s request for attorneys’ fees and
expenses or Plaintiff’s request for an incentive award. The Court will
consider your views. To object, you must file with the Court and send to
the parties’ counsel a signed letter or other written submission saying
that you object to the Settlement in Basaraba v. Greenberg, et al.,
Case NO. CV-13-05061-PSG (SHx). Be sure to include: (i) your name,
address, email address, and telephone number; (ii) how many Skechers
shares you owned as of January 1, 2008, whether you still own those
shares, and the initial purchase date of your shares; (iii) a detailed
description of your specific objections to any matter before the Court,
and all the grounds for your objections to the Settlement, including any
documents you wish the Court to consider; and (iv) your most recent
brokerage account statement evidencing current ownership of your
Skechers shares and account statements evidencing continuing ownership
from January 1, 2008, through the date of the Settlement Hearing. If you
want to appear at the Settlement Hearing, you must also state your
intention to appear and provide the names of all witnesses, if any, you
wish to present at the hearing, along with a statement of the matters on
which such witnesses will testify and a summary of their proposed
testimony. The objection and any supporting papers must be filed with
the Court, by hand, mail, or overnight delivery, and received by
Plaintiff’s Counsel and Individual Defendants’ and Skechers’ Counsel, by
hand, mail, overnight delivery, fax, or email, at the addresses provided
below no later than October 27, 2014.
FARUQI & FARUQI, LLP
DAVID E. BOWER
10866 Wilshire
Boulevard, Suite 1470
Los Angeles, CA 90024
Fax: (310) 461-1427
dbower@faruqilaw.com
HYNES KELLER & HERNANDEZ, LLC
MICHAEL J. HYNES
1150 First
Avenue, Suite 501
King of Prussia, PA 19406
Fax: (914) 752-3041
mhynes@hkh-lawfirm.com
Attorneys for Plaintiff Gloria Basaraba
O’MELVENY & MYERS LLP
SETH ARONSON
400 South Hope Street
Los
Angeles, CA 90071
Fax: (213) 430-6407
saronson@omm.com
Attorney for Defendants Robert Greenberg, Michael Greenberg, Jeffrey
Greenberg, David Weinberg, Richard Siskind, Geyer Kosinski, Morton
Erlich, Richard A. Rappaport, and Thomas Walsh
SHEPPARD MULLIN RICHTER & HAMPTON, LLP
KENNETH A. O’BRIEN, JR.
333
South Hope Street, 43rd Floor
Los Angeles, CA 90071
Fax: (213)
620-1398
kobrien@sheppardmullin.com
Attorney for Nominal Defendant Skechers U.S.A., Inc.
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
CENTRAL
DISTRICT OF CALIFORNIA
WESTERN DIVISION
255 East Temple Street
Los
Angeles, CA 90012
PLEASE DO NOT CONTACT THE COURT OR THE CLERK OF THE COURT REGARDING
THIS NOTICE.
About SKECHERS U.S.A., Inc.
SKECHERS U.S.A., Inc., based in Manhattan Beach, California, designs,
develops and markets a diverse range of lifestyle footwear for men,
women and children, as well as performance footwear for men and women.
SKECHERS footwear is available in the United States via department and
specialty stores, Company-owned SKECHERS retail stores and its
e-commerce website, and in over 100 countries and territories through
the Company’s international network of subsidiaries in Canada, Brazil,
Chile, Japan, and across Europe, as well as through joint ventures in
Asia and distributors around the world. For more information, please
visit www.skechers.com,
and follow us on Facebook (www.facebook.com/SKECHERS)
and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
without limitation, the Company’s future growth, financial results and
operations, its development of new products, future demand for its
products and growth opportunities, its planned opening of new stores,
advertising and marketing initiatives, and the expansion and automation
plans for the Company’s European Distribution Center. Forward-looking
statements can be identified by the use of forward looking language such
as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,”
“project,” “will be,” “will continue,” “will result,” “could,” “may,”
“might,” or any variations of such words with similar meanings. Any such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute to
such differences include the resignation of the Company’s former
independent registered public accounting firm, and its withdrawal of its
audit reports with respect to certain of the Company’s historical
financial statements; international, national and local general
economic, political and market conditions including the ongoing global
economic slowdown and market instability; entry into the highly
competitive performance footwear market; sustaining, managing and
forecasting costs and proper inventory levels; losing any significant
customers, decreased demand by industry retailers and cancellation of
order commitments due to the lack of popularity of particular designs
and/or categories of products; maintaining brand image and intense
competition among sellers of footwear for consumers; anticipating,
identifying, interpreting or forecasting changes in fashion trends,
consumer demand for the products and the various market factors
described above; sales levels during the spring, back-to-school and
holiday selling seasons; and other factors referenced or incorporated by
reference in the Company’s annual report on Form 10-K for the year ended
December 31, 2013, and its Form 10-Q for the quarter ended June 30,
2014. The risks included here are not exhaustive.The Company
operates in a very competitive and rapidly changing environment. New
risks emerge from time to time and the companies cannot predict all such
risk factors, nor can the companies assess the impact of all such risk
factors on their respective businesses or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given
these risks and uncertainties, you should not place undue reliance on
forward-looking statements as a prediction of actual results. Moreover,
reported results should not be considered an indication of future
performance.
Contacts:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
Chief
Financial Officer
310-318-3100
or
Investor Relations:
Andrew
Greenebaum
310-829-5400
Source: SKECHERS U.S.A., Inc.
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