Morgan & Morgan Announces That a Class Action Lawsuit Was Filed on Behalf of Investors Against Deckers Outdoor Corporation
NEW YORK, July 24, 2012 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit 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") (Nasdaq: DECK) between October 27, 2011 and April 26, 2012, inclusive (the "Class Period").
If you purchased shares of Deckers during the Class Period, you may contact Peter Safirstein or Sheila Feerick by email to email@example.com or by telephone at 1-800-732-5200 or Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or visit our website at www.securitieslawfirm.com.
If you purchased shares of Deckers during the Class Period, you may request that the Court appoint you as lead plaintiff by July 31, 2012. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Morgan & Morgan, or other counsel of your choice, to serve as your counsel in this action
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) Deckers'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, Deckers'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, Deckers's stock fell $17.63 to close at $51.83 per share on April 27, 2012.
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