Lead Plaintiff Deadline is December 22, 2017

NEW YORK, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces the filing of a federal securities class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Skechers U.S.A., Inc. (NYSE:SKX) (“Company” or “Skechers”) from April 23, 2015 through October 22, 2015, inclusive (the “Class Period”).

Investors who have incurred losses in Skechers U.S.A., Inc. securities are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of  Skechers U.S.A., Inc.  and would like to assist with the litigation process as a lead plaintiff, you may, no later than December 22, 2017, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as a shareholder of Skechers U.S.A., Inc.

During the operative Class Period, Skechers repeatedly touted the strength of customer demand within the Domestic Wholesale segment, which the Company claimed would spur continued sales growth.  Skechers frequently emphasized that its Domestic Wholesale segment growth would continue into the second half of 2015 based on pending orders and meetings with key customers. 

However, Class Period statements pertaining to back-half 2015 customer demand and sales growth related thereto were materially false and misleading because Defendants failed to disclose that:

• the Company’s Domestic Wholesale customers took early receipt of fall 2015 inventory, causing them to delay receipt of and, in some cases, cancel pending orders scheduled for delivery in the second half of 2015;
   
• as a result of the foregoing, the Company’s Domestic Wholesale growth rate was unsustainable; and
   
• the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.

The Company’s slowing sales growth was revealed on October 22, 2015 after the market closed, when Skechers issued a press release announcing financial results for the third quarter ended September 30, 2015, which included disappointing net sales that fell short of analysts’ consensus estimates. According to Defendants, $20 million in net sales were shifted from third quarter 2015 into second quarter 2015 due to early customer deliveries. Defendants blamed the sales miss on the Company’s inability to make up this shortfall in third quarter 2015 due to a weaker-than-expected retail environment.

On news of the Company’s disappointing net sales and diluted earnings per share, Skechers common stock fell $14.55 per share, or 31.50%, to close on October 23, 2015 at $31.64 per share.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at  www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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