Robbins Umeda LLP Announces an Investigation of Deckers Outdoor Corporation
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Deckers Outdoor Corporation (NASDAQ: DECK). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of Deckers breached their fiduciary duties to shareholders by causing the company to issue improper statements concerning its financial guidance for 2012, inventories, gross margins, and demand for the company’s products. The firm is also investigating whether officers and directors of Deckers breached their fiduciary duties by failing to maintain effective internal controls over the company’s financial reporting.
On February 23, 2012, Deckers announced that as of the end of its fiscal year on December 31, 2011, inventory levels had increased by 100%. The company also announced that it expected 2012 diluted earnings per share to be flat compared to 2011 levels. On this news, Deckers stock dropped $12.49 per share, or 13.9%.
Then, on April 26, 2012, Deckers announced that it missed its earnings projections for the second quarter on 2012, lowered earnings guidance for the 2012 fiscal year, and that earnings per share for 2012 would decrease by 9% to 10%. Upon this announcement, shares of Deckers stock dropped $17.63 per share, or over 25%. Robbins Umeda LLP is investigating whether the company’s directors and officers issued improper statements regarding the Company’s future prospects.
Robbins Umeda LLP highlights that Deckers shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.