Deckers Outdoor Corp : Robbins Umeda LLP Announces an Investigation of Deckers Outdoor Corporation
06/04/2012| 12:55pm US/Eastern
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Shareholder rights firm Robbins
Umeda LLP is investigating possible breaches of fiduciary duty and
other violations of the law by certain officers and directors at Deckers
Outdoor Corporation (NASDAQ: DECK). Concerned shareholders who would
like more information about their rights and potential remedies can
contact attorney Gregory E. Del Gaizo at (800) 350-6003, info@robbinsumeda.com,
or via the shareholder
information form on the firm's website.
Robbins Umeda LLP is investigating whether officers and directors of
Deckers breached their fiduciary duties to shareholders by causing the
company to issue improper statements concerning its financial guidance
for 2012, inventories, gross margins, and demand for the company's
products. The firm is also investigating whether officers and directors
of Deckers breached their fiduciary duties by failing to maintain
effective internal controls over the company's financial reporting.
On February 23, 2012, Deckers announced that as of the end of its fiscal
year on December 31, 2011, inventory levels had increased by 100%. The
company also announced that it expected 2012 diluted earnings per share
to be flat compared to 2011 levels. On this news, Deckers stock dropped
$12.49 per share, or 13.9%.
Then, on April 26, 2012, Deckers announced that it missed its earnings
projections for the second quarter on 2012, lowered earnings guidance
for the 2012 fiscal year, and that earnings per share for 2012 would
decrease by 9% to 10%. Upon this announcement, shares of Deckers stock
dropped $17.63 per share, or over 25%. Robbins Umeda LLP is
investigating whether the company's directors and officers issued
improper statements regarding the Company's future prospects.
Robbins Umeda LLP highlights that Deckers shareholders have the option
to file a shareholder
derivative action to hold those officers and directors accountable
for damaging the company. Remedies commonly sought in derivative actions
include corporate
governance reforms designed to prevent future misconduct, removal of
officers or directors whose misconduct injured the corporation, and
monetary payments in the form of damages and disgorgement of ill-gotten
gains.
Robbins Umeda LLP is a nationally recognized leader in securities
litigation and shareholder rights law. The firm represents individual
and institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than $1
billion of value for themselves and the companies in which they have
invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/deckers-outdoor-corporation/
Attorney Advertising. Past results do not guarantee a similar outcome.
Robbins Umeda LLP
Gregory E. Del Gaizo
(619) 525-3990 or Toll
Free (800) 350-6003
Info@robbinsumeda.com
www.robbinsumeda.com
© Business Wire 2012
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