Skechers USA, Inc. (NYSE: SKX)
Hagens Berman Sobol Shapiro LLP reminds investors in in Skechers USA, Inc. (NYSE: SKX) of the November 5, 2018 Lead Plaintiff deadline in the securities class action filed in the United States District Court for the Southern District of New York.
If you purchased or otherwise acquired shares of SKX between October 20, 2017 and July 19, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SKX@hbsslaw.com.
The complaint accuses Defendants of having falsely assured investors that they were focused on bringing expenses in line with expected sales and the Company’s disproportionate Selling, General and Administrative (“SG&A”) expense growth was slowing down.
When, on April 18, 2018, Defendants reported the Company’s SG&A expense growth drastically outpaced sales growth, the price of Skechers USA shares fell $11.38 (or, about 27%) to close at $30.70 on April 20, 2018.
Then, on July 19, 2018, Defendants again reported the Company’s SG&A expense growth drastically outpaced sales growth. This news drove the price of Skechers USA shares down $6.98, or over 20%, to close at $26.27 the next day.
“We’re focused on investors’ losses, the extent to which Defendants’ class period statements artificially inflated the price of Skechers shares, and possibly suspicious insider sales,” said Hagens Berman partner Reed Kathrein.
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