NEW YORK, April 3, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Central District of California on behalf of all purchasers of SKECHERS USA, Inc. ("Skechers" or the "Company") (NYSE:SKX) securities between April 3, 2002 and December 9, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Skechers' financial results and business prospects. Specifically, the complaint alleges that Skechers' concealed from the investing public that: (a) The Company's sales were accelerated by assuming the role of distributor which would lend to a decline in later quarters; and (b) Skechers had known during the Class Period that future sales would be disappointing due to the early lead time orders from customers. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period, allowing certain Skechers insiders to sell over 1.5 million shares of personally held Skechers stock.
On December 9, 2002, however, the Company shocked the market by announcing it would fall materially short of hitting financial forecast projections. On this news, the Company's shares plunged in excess of 40% to close at $7.00 per share.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Skechers securities between April 3, 2002 and December 9, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Skechers securities during the Class Period, you may, not later than May 27, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca