LAWSUITS NEWS & LEGAL INFORMATION
Deckers Outdoor Corporation DECK Securities Lawsuit
|Company:||Deckers Outdoor Corporation|
|Class Period:||Oct-27-11 to Apr-26-12|
|Lead Plaintiff Deadline:||Oct-1-12|
|Court:||District of Delaware|
Deckers, its Chief Executive Officer Angel Martinez, and its Chief Financial Officer Thomas A. George, are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that (1) the Company had not taken adequate steps to offset the increased price in sheepskin costs; (2) the Company inventory for its UGG brand was at a maximum, which caused the Company to attempt to sell the products at reduced costs; (3) the unseasonably warm winter weather was impacting the Company's sales, and in particular, the Company's main product, the UGG brand; and (4) as a result of the foregoing, Defendants' statements regarding the Company's operations and earnings were false and misleading and lacked a reasonable basis when made.
On February 23, 2012, Deckers announced its full-year and fourth quarter 2012 financial results, reporting better-than-expected fourth quarter results, but also reporting that inventory levels had increased 100%, and that it "expects full-year diluted EPS to be approximately flat with 2011 levels." As a result, the price of Deckers common stock dropped $12.49 per share to close at $77.72 per share. Then on April 26, 2012, after the market closed, the Company announced that it had missed its second quarter 2012 earnings targets and lowered its full-year 2012 guidance, projecting a decrease in 2012 diluted EPS of between 9% and 10%, compared to previous guidance for diluted EPS to be flat year-over-year. On this news, Deckers common stock dropped again, falling $17.63 per share to close at $51.83 per share on April 27, 2012, a one-day decline of more than 25%, on volume of more than 14 million shares traded.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Deckers Outdoor Corporation DECK Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Deckers Outdoor Corporation securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Aug-3-12
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