San Diego, CA -- (ReleaseWire) -- 09/25/2012 -- An investor in shares of Deckers Outdoor Corp (NASDAQ:DECK) filed an amended lawsuit in the United States District Court for the District of Delaware against Deckers Outdoor Corp over alleged securities laws violations in connection with certain statements over its UGG brand.
Investors with a substantial investment in Deckers Outdoor Corp (NASDAQ:DECK) shares between October 27, 2011 to April 26, 2012, have certain options and there is are short and strict deadlines running. Deadline: October 1, 2012. NASDAQ:DECK investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed the plaintiff alleges that Deckers Outdoor Corp, its Chief Executive Officer Angel Martinez, and its Chief Financial Officer Thomas A. George, violated the Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants allegedly knew or recklessly failed to inform investors that the Company had not taken adequate steps to offset the increased price in sheepskin costs, that the Company inventory for its UGG brand was at a maximum, which caused the Company to attempt to sell the products at reduced costs, that the unseasonably warm winter weather was impacting the Company's sales, and in particular, the Company's main product, the UGG brand; and that 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."
Then on April 26, 2012, after the market closed, Deckers Outdoor Corp reported its first quarter 2012 financial results. Among other things, Deckers Outdoor revised its 2012 fully year forecast.
Shares of Deckers Outdoor Corp (NASDAQ:DECK) fell from $90.21 per share in February 2012 to $51.01 per share on April 30, 2012
NASDAQ:DECK shares continued to decline to as low as $37.18 on September 24, 2012, substantially below its current 52 week High of $118.90 per share.
Those who purchased a substantial investment in Deckers Outdoor Corp (NASDAQ:DECK) shares between October 27, 2011 to April 26, 2012, have certain options and there is are short and strict deadlines running. Deadline: October 1, 2012. NASDAQ:DECK investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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