Robbins Umeda LLP Announces an Investigation of Skechers U.S.A., Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Skechers U.S.A., Inc. (NYSE: SKX). 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 Skechers breached their fiduciary duties by maintaining inadequate controls to the detriment of the company and investors. In particular, the firm is examining allegations that officials at Skechers engaged in improper and deceitful advertising practices that associated unfounded health benefits with the company’s “Shape-Ups” brand.
On May 16, 2012, Skechers announced that it had entered into a $45 million dollar settlement to resolve claims bought by the United States Federal Trade Commission and several states’ Attorneys General relating to allegations the company engaged in deceptive practices while marketing its line of toning footwear. Since these facts have emerged, Skechers has increasingly become the focus of costly public and legal scrutiny, while the company’s market capitalization has declined over 8.5%.
Robbins Umeda LLP notes that a potentially appropriate course of conduct for Skechers shareholders is filing a shareholder derivative action to hold 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.