WEST HARTFORD, CT--(Marketwire -06/05/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Deckers Outdoor Corporation ("Deckers" or the "Company") (DECK) between October 27, 2011 and April 26, 2012, inclusive (the "Class Period").
The Complaint alleges that Deckers and certain of its officers and directors violated the federal securities laws. Specifically, defendants concealed the following facts: (i) Deckers was not able to mitigate the effects of dramatically increasing prices for sheepskin; (ii) there was a decline in demand to a much larger extent than represented due to the unusually warm weather; (iii) the Company's extensive expansion resulted in the over-supply of UGG products, which meant that the price increases for those products were ineffective; (iv) Decker's inventory levels for its UGG brand were increasing rapidly, which led to the increased use of mark-downs and close-outs; and (v) as a result, Decker's gross margin was negatively impacted.
On April 26, 2012, Deckers announced that it had missed its second quarter 2012 earnings and lowered its full-year 2012 guidance, projecting a decrease in 2012 diluted EPS of 9%-10%, compared to previous guidance for diluted EPS to be flat year-over-year. On this news, Decker stock fell $17.63 to close at $51.83 per share on April 27, 2012.
If you are a member of the class, you may, no later than July 31, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/deckers/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.
- Deckers Outdoor Corporation
- United States District Court