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lululemon athletica inc Sued For Fraud Over Sheer Yoga Pants; CEO Exit-Reuters

Tuesday, 2 Jul 2013 05:36pm EDT 

Reuters reported that lululemon athletica inc has been hit with a U.S. lawsuit accusing it of defrauding shareholders by hiding defects in yoga pants whose sheerness led to a costly recall, and concealing talks that led to the sudden departure of its Chief Executive. The lawsuit in the U.S. district court in Manhattan was filed by a shareholder on Tuesday, three weeks after Lululemon Chief Executive Christine Day announced her surprise exit after 5-1/2 years at the helm, calling it a personal decision. It is separate from a May lawsuit filed in Delaware Chancery Court that accused Lululemon directors of boosting possible executive bonuses just before the recall. Day stepped down three months after the Company recalled women's yoga pants containing its Luon fabric after determining the pants were too sheer. The Company said that recalling the stretchy, snug-fitting black pants could reduce profit this year by up to $40 million. It returned the pants to store shelves last month. Tuesday's lawsuit was filed by Houssam Alkhoury, a Natick, Massachusetts, resident who had bought 7,500 Lululemon shares.