BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith reminds investors of the November
5, 2018 deadline to file a lead plaintiff motion in the class action
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 howardsmith@howardsmithlaw.com.
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 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 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 howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181023006172/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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