Skechers Board of Directors Wins Victory in Shareholder Derivative Suit
07 Février 2024 - 3:00PM
Business Wire
Delaware Chancery Court Dismisses with
Prejudice the Complaint Against All Named Former and Current
Directors
Skechers U.S.A., Inc. announced today that the Delaware Chancery
Court dismissed with prejudice the July 21, 2022 shareholder
derivative lawsuit against all current and former members of the
Skechers Board of Directors named as defendants in that action. The
Court dismissed the action with prejudice.
Skechers President Michael Greenberg commented, “We are
sincerely pleased with the Court’s ruling, but it certainly comes
as no surprise. We have always believed that this lawsuit should
not have been permitted to proceed. We feel vindicated that the
Court agreed.”
A link to the Court’s opinion can be found here:
https://courts.delaware.gov/Opinions/Download.aspx?id=359600
About SKECHERS U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based
in Southern California, designs, develops and markets a diverse
range of lifestyle and performance footwear, apparel and
accessories for men, women and children. Collections from The
Comfort Technology Company® are available in over 180 countries and
territories through department and specialty stores, and direct to
consumers through digital stores and approximately 5,170 Company-
and third-party-owned physical retail stores. The Company manages
its international business through a network of wholly-owned
subsidiaries, joint venture partners, and distributors. For more
information, please visit about.skechers.com and follow us on
Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may include, without limitation, Skechers’ future
domestic and international growth, financial results and operations
including expected net sales and earnings, its development of new
products, future demand for its products, its planned domestic and
international expansion, opening of new stores and additional
expenditures, and advertising and marketing initiatives.
Forward-looking statements can be identified by the use of
forward-looking language such as "believe," "anticipate," "expect,"
"estimate," "intend," "plan," "project," "will," "could," "may,"
"might," or any variations of such words with similar meanings. Any
such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute
to such differences include the disruption of business and
operations due to the COVID-19 pandemic; delays or disruptions in
our supply chain; international economic, political and market
conditions including the effects of inflation and foreign currency
exchange rate fluctuations around the world, the challenging
consumer retail markets in the United States, and the impact of
wars, acts of war and other conflicts around the world; sustaining,
managing and forecasting costs and proper inventory levels; losing
any significant customers; decreased demand by industry retailers
and cancellation of order commitments due to the lack of popularity
of particular designs and/or categories of products; maintaining
brand image and intense competition among sellers of footwear for
consumers, especially in the highly competitive performance
footwear market; anticipating, identifying, interpreting or
forecasting changes in fashion trends, consumer demand for the
products and the various market factors described above; sales
levels during the spring, back-to-school and holiday selling
seasons; and other factors referenced or incorporated by reference
in Skechers’ annual report on Form 10-K for the year ended December
31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking
these and other risk factors associated with the COVID-19 pandemic
into consideration, the dynamic nature of these circumstances means
that what is stated in this press release could change at any time,
and as a result, actual results could differ materially from those
contemplated by such forward-looking statements. The risks included
here are not exhaustive. Skechers operates in a very competitive
and rapidly changing environment. New risks emerge from time to
time, and we cannot predict all such risk factors, nor can we
assess the impact of all such risk factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. Given these risks and uncertainties,
you should not place undue reliance on forward-looking statements
as a prediction of actual results. Moreover, reported results
should not be considered an indication of future performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20240207501749/en/
Media Contact: Jennifer Clay SKECHERS U.S.A., Inc.
jennc@skechers.com
Skechers USA (NYSE:SKX)
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