Key Developments For Heelys, Inc.
Heelys, Inc. (HLYS.O) (Consolidated Issue listed on NASDAQ Capital Market)
Heelys, Inc. Reports Litigation Settlements
Heelys, Inc. announced that on November 17, 2009, the federal judge presiding over the previously disclosed consolidated securities class action and consolidated shareholder derivative action approved the settlements of those lawsuits and signed a Final Judgment and Order of Dismissal with Prejudice with respect to each lawsuit. These cases were pending in the U.S. District Court for the Northern District of Texas, Dallas Division. These settlement agreements were described in the Company`s prior filings. Defendants did not admit any liability or wrongdoing in the settlements. The consolidated securities class action, Brian Rines, Individually and On Behalf of All Others Similarly Situated vs. Heelys, Inc., et al., arose from a number of lawsuits filed in the latter part of 2007. The plaintiffs asserted claims under the federal securities laws against the Company and certain of its former and current officers and directors in connection with the Company`s 2006 initial public offering. The consolidated derivative action, In Re Heelys Inc. Derivative Litigation, arose from lawsuits that were originally filed in the latter part of 2007 against certain of The Company`s former and current officers and directors. Plaintiffs asserted breach of fiduciary duty and other claims relating to the Company`s 2006 initial public offering. The Company`s insurance policies funded the majority of the settlement amounts and related legal defense costs.
Heelys, Inc. Announces New President And Chief Executive Officer
Heelys, Inc. announced that Tom Hansen will join the Company as President and Chief Executive Officer effective August 1, 2009.
Heelys, Inc. Announces Resignation Of Donald K. Carroll As Chief Executive Officer
Heelys, Inc. announced that it has accepted the resignation of Donald K. Carroll, the Company's Chief Executive Officer since May 20, 2008, effective today. Michael W. Hessong was named Interim President and Chief Executive Officer until the Board designates a full time replacement. Mr. Hessong formerly served as the Company's Chief Financial Officer for many years until leaving in May 2008.
Heelys, Inc. Declares Special Dividend
Heelys, Inc. announced that it has declared a special cash dividend in the amount of $1.00 per share of common stock. This dividend is payable on December 22, 2008, to shareholders of record on December 15, 2008.
Skechers USA, Inc. Says Still Wants To Buy Heelys-Reuters
Reuters reported that Skechers USA, Inc. said it was still interested in buying rival shoe maker Heelys Inc despite Heelys' rejection of its sweetened $142.8 million bid. Skechers also said that it might be prepared to refine its $5.25-per-share offer if additional value can be identified during the due diligence.
