Key Developments: Skechers USA Inc (SKX)
9 Dec 2013
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
Skechers USA, Inc. announced that the Company is transitioning its business in Japan from a third-party distributor to the new wholly owned subsidiary, SKECHERS Japan, G.K. With plans to double its business in Japan over the next three to five years, the Company will make a entry into the market starting from the 2012 Autumn/Winter collection of performance and lifestyle footwear for men, women and children. Full Article
- Scott London, a former senior partner with accounting firm KPMG whose clients included Herbalife Ltd and Skechers USA , pleaded guilty before a federal judge in Los Angeles to a charge of securities fraud arising from his involvement in insider trading.