San Diego, CA -- (SBWIRE) -- 05/21/2012 -- An investigation on behalf of current investors in NYSE:SKX shares over potential breaches of fiduciary duties by certain officers and directors at Skechers USA Inc in connection with certain financial statements was announced.
Investors who purchased shares of Skechers USA Inc (NYSE:SKX) and currently hold NYSE:SKX shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses concerns whether certain directors and officers at Skechers USA Inc (NYSE:SKX) breached their fiduciary duties. Specifically the investigation concerns certain statements regarding Skechers’ business, its prospects and its operations were materially false and misleading at the time they were made.
Skechers‘ annual revenue fell from $2billion in 2010 to $1.6billion in 2011 and its Net Income of $136.15million of 2010 turned into an Net Loss of $67.48million in 2011.
Shares of Skechers USA Inc (NYSE:SKX) rose from as low as $5.78 in March 2009 to as high as $43.85 per share in June 2010. Since then NYSE:SKX shares dropped to as low as$11.70 in January 2012.
NYSE:SKX shares rose in late April to as high as $18.67 per share.
Then on May 16, 2012, Skechers USA Inc announced that it agreed to settle a lawsuit regarding advertising claims for $45million. The claims were brought Skechers USA Inc by the U.S. Federal Trade Commission ("FTC") and various state Attorneys General. The FTC investigation concerned whether Skechers USA Inc engaged in improper advertising of its toning shoe products.
NYSEL SKX shares fell from $18.67 on May 15, 2012 to a close of $16.61 on May 18, 2012.
Those who purchased shares of Skechers USA Inc (NYSE:SKX) and currently hold NYSE:SKX shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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