An investigation for shareholders in NASDAQ:SKUL shares over potential wrongdoing at Skullcandy Inc was announced and NASDAQ:SKUL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/01/2016 -- An investigation for shareholders in Skullcandy Inc was announced over potential breaches of fiduciary duties by certain directors at Skullcandy.
Investors who purchased shares of Skullcandy Inc (NASDAQ:SKUL) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Skullcandy directors breached their fiduciary duties and caused damage to the company and its shareholders.
On May 5, 2015, Skullcandy Inc announced its financial results for the first quarter ended March 31, 2015. While Skullcandy Inc reported that its first quarter Revenue rose from $39.08 million in 2014 to $46.19 million in 2015 its Net Loss in the first quarter increased from $3.39 million in 2014 to $3.83 million in 2015. Among other things, Skullcandy Inc also issued its second quarter 2015 and full year 2015 financial outlook.
On January 11, 2016, Skullcandy Inc announced for the fourth quarter, it now expects net sales to be approximately flat with 2014 levels, or increase approximately 2% on a currency neutral basis. Skullcandy said that it had previously forecasted net sales to increase by approximately 5-7%, or approximately 8-10% on a currency neutral basis. Skullcandy also said that the new outlook includes a $1.6 million pre-tax allowance for bad debt charge related to further challenges with a China distributor.
Shares of Skullcandy Inc (NASDAQ:SKUL) declined from $11.66 per share in April 2015 to as low as $2.75 per share on January 20, 2016
Those who purchased shares of Skullcandy Inc (NASDAQ:SKUL) have certain options and should contact the Shareholders Foundation.
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