Skechers fires back over class action lawsuits
Footwear company Skechers has denied allegations made in shareholder class actions filed by Laborers Local 235 Benefit Fund, calling the legal claims "frivolous and without merit" in a press release.
The New York state laborer's union filed a securities class action against Skechers on September 4, alleging that between October 20, 2017 and July 19, 2018, the shoe company made materially false statements or omissions of material facts to investors about its operations and prospects.
In an official statement, Skechers chief operating officer David Weinberg aggressively contested the claims, commenting: “We will vigorously defend the company and our officers against this frivolous lawsuit in court."
Weinberg continued, "[between October 20, 2017 and July 19 of this year], the company was—and still is—focused on efficiently and strategically growing our business on a global scale...the lawsuit at best shows a complete misunderstanding of the challenges facing both the international footwear industry and our growth-oriented global business."
This suit follows two other legal battles the California-based footwear brand has been embroiled in this year; a trademark dispute with fellow footwear brand Converse and a lawsuit filed by Skechers against Adidas.
Skechers is the fourth largest athletic footwear brand in the United States according to market research company Technavio, earning $4.16 billion in 2017.
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