Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Deckers Outdoor Corporation (“Company”) (NASDAQGS: DECK) related to potential securities violations by the Company between October 27, 2011 and April 26, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Company and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ misrepresented and/or failed to disclose that: (a) the Company was not able to mitigate the effects of dramatically increasing prices for sheepskin; (b) the Company was seeing a decline in demand to a much larger extent than represented due to the unusually warm weather; (c) the Company’s extensive expansion resulted in the over-supply of UGG products, especially its classic products, meeting and/or exceeding demand, which meant that the Company’s price increases for those products were ineffective; (d) the Company’s inventory levels for its UGG brand were increasing rapidly, which led to the increased use of mark-downs and close-outs as the Company experienced declining same store sales and its new retail stores also suffered; and (e) as a result of the foregoing, the Company’s gross margin was negatively impacted. On April 26, 2012, the Company announced its financial results for the first quarter of 2012. Along with disclosing that it missed its projected earnings for that quarter, the Company announced that it was lowering its full-year 2012 guidance. On this news, shares of Deckers common stock dropped more than 25%, closing at $51.83 per share on April 27, 2012 from $69.46 the previous day, on heavy trading volume of over 14 million shares.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Zachary Groover, 877-728-9607
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
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