Key Developments: Skechers USA Inc (SKX)
20.36USD
23 May 2013
$-0.30 (-1.45%)
$20.66
$20.37
$20.58
$20.20
520,729
608,563
$23.00
$15.18
Latest Key Developments (Source: Significant Developments)
Skechers USA Inc Appoints BDO USA, LLP As New Auditors
Skechers USA Inc announced that the Audit Committee of its Board of Directors has appointed BDO USA, LLP (BDO) as the Company's independent auditors. BDO will commence work immediately with the re-audit of the Company's financial statements for the fiscal years ended December 31, 2011 and 2012, as well as reviewing the financial statements for the first quarter of 2013. The appointment of BDO was made after an extensive evaluation process by the Company`s Audit Committee. As previously announced, the change in auditors was the result of KPMG LLP`s ("KPMG") resignation as Skechers` independent auditors, due to the impairment of KPMG's independence resulting from to its now former partner's alleged unlawful activities. The resignation of KPMG was not related to Skechers` financial statements, its accounting practices, the integrity of Skechers' management, or for any other reason. Full Article
Skechers USA Inc Issues Q1 2013 Mixed Guidance
Skechers USA Inc announced that for first quarter of 2013, it expects net sales between $440 million to $450 million and earnings per share between $0.08 to $0.12. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $433 million and EPS of $0.19 for first quarter of 2013. Full Article
FBI Probes Trading As KPMG Quits Herbalife Ltd, Skechers USA Inc Audits-Reuters
Reuters reported that in a blow to one of the accounting firms, KPMG said it resigned as auditor of two U.S. corporations amid an FBI investigation into insider trading allegations involving leaked information and a former senior partner. The two California-based companies, Herbalife Ltd and Skechers USA Inc, said separately that KPMG had quit as their auditor in connection with the leaks. The FBI's Los Angeles office is investigating the matter. Full Article
Skechers USA Inc Announces Resignation Of KPMG As Auditor
Skechers USA Inc announced that KPMG, LLP resigned on April 8, 2013, as independent auditor of Skechers due to misconduct by KPMG`s lead Audit Engagement Partner on the Skechers account. Full Article
Skechers USA Inc Scores Legal Victory In Patent Suit
Skechers USA Inc announced that it scored a victory in a patent lawsuit filed against it in the United States District Court for the Central District of California. The lawsuit, Cancaribe Limited v. Cobra International Inc., Case No, 07-CV-4182-GAF, involved allegations by defendant and cross-claimant Cobra International, Inc. alleging that the circuit used in Skechers lighted footwear infringed Cobra`s patent on sequential lighting. On June 6, 2012, Cobra and Skechers entered into a settlement agreement. Cobra agreed to dismiss its lawsuit against Skechers with prejudice and release all claims against Skechers. Skechers did not pay any money and is free to continue using its lighted footwear technology without modification and without any payment or obligations to Cobra. The case settled after Skechers filed a summary judgment motion to invalidate Cobra`s patent. The terms of the settlement amounts to a complete victory for Skechers. The settlement agreement is publicly available on the Court`s database. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Skechers USA, Inc.
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of Skechers USA, Inc., concerning whether the board has breached its fiduciary duties to shareholders. The investigation concerns whether the Skechers board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. On May 16, 2012, the Company announced it had reached a settlement agreement relating to allegations that it used false advertising in the marketing of its toning shoe products, specifically the Shape-ups brand. Skechers will pay $45 million to settle the legal claims that were brought by the Federal Trade Commission, various state Attorneys General, and consumer class actions. Full Article
Robbins Umeda LLP Announces an Investigation Of Skechers U.S.A., Inc.
Robbins Umeda LLPannounced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Skechers U.S.A., Inc. 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. May 16, 2012, the Company 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, the Company has increasingly become the focus of costly public and legal scrutiny, while the Company's market capitalization has declined over 8.5%. Full Article
Harwood Feffer LLP Announces Investigation Of Skechers USA, Inc.
Harwood Feffer LLP is announced that it is investigating potential claims against the Board of Directors of Skechers USA, Inc.(Skechers or the Company), concerning whether the Board has breached its fiduciary duties to shareholders. On May 16, 2012, the Company announced it had reached a settlement agreement relating to allegations that it used false advertising in the marketing of its toning shoe products, specifically the Shape-ups brand. Skechers will pay $45 million to settle the legal claims that were brought by the Federal Trade Commission, various state Attorneys General, and consumer class actions. Our investigation concerns whether the Skechers board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of Skechers USA, Inc. For Possible Breaches Of Fiduciary Duties
Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of Skechers USA, Inc. (Skechers or SKX) for potential breaches of fiduciary duties. Specifically, on May 16, 2012, Skechers announced it had entered into a $45 million global settlement agreement to dispose of all legal claims brought by the United States Federal Trade Commission and multiple states` Attorneys Generals relating to allegations that it made unsupported advertising claims in connection with marketing its line of toning shoes. According to shareholder rights attorney Willie Briscoe, The recent revelations that Skechers may have engaged in improper marketing and advertising efforts that resulted in a $45 million settlement payout are troubling. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of Skechers stock for all shareholders. Full Article
Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by Skechers USA Inc
Law Firm of Levi & Korsinsky, LLP announced that it is investigating potential claims on behalf of purchasers of Skechers USA Inc. securities concerning possible breaches of fiduciary duty. On May 16, 2012, Skechers settled legal claims brought against the Company by the U.S. Federal Trade Commission and various state Attorneys General. The FTC investigation concerned whether the Company engaged in improper advertising of its toning shoe products. Skechers has agreed to pay $45 million to settle the claims. Full Article
BRIEF-Skechers USA shares up 2.8 pct after the bell
NEW YORK, May 15 - Skechers USA Inc : * Shares up 2.8 percent after the bell following results
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