Key Developments: Skechers USA Inc (SKX)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
Holzer Holzer & Fistel, LLC Announces Investigation Into Potential Claims For Breaches Of Fiduciary Duty By Certain Officers And Directors Of Skechers USA, Inc.
Holzer Holzer & Fistel, LLC announced that it is investigating potential breaches of fiduciary duty by certain officers and directors of Skechers USA, Inc. (Skechers or the Company). On May 16, 2012, the Company announced it reached an agreement to settle allegations relating to claims it engaged in improper advertising while marketing its toning shoe products, including its Shape-ups brand. Skechers will pay $45 million to settle the legal claims brought by U.S. Federal Trade Commission and various state Attorneys General. Holzer Holzer & Fistel, LLC`s investigation seeks to determine if Skechers` Board of Directors breached its fiduciary duty to Company shareholders by, among other things, allowing the Company to engage in the advertising campaign that resulted in the settlement. Full Article
BOSTON - Footwear maker Skechers USA Inc cultivates a hip and diverse image, but its all-male board of directors is insular and needs a "complete and immediate overhaul" to avoid potential missteps, according to shareholder CtW Investment Group.