Faruqi & Faruqi, LLP Files Amended Class Action Complaint Against Deckers Outdoor Corporation (DECK)
NEW YORK, Sept. 21, 2012 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed an amended class action complaint in the United States District Court for the District of Delaware, Case No. 1:12-cv-01001-SLR, on behalf of an expanded class of investors that now includes all persons who transacted in Deckers Outdoor Corporation ("Deckers" or the "Company") (NASDAQ: DECK) securities between October 27, 2011 and April 26, 2012 inclusive (the "Class Period") and suffered damages as a result.
If you wish to obtain information concerning this action or view a copy of the complaint, you can do so by clicking here: http://www.faruqilaw.com/DECK. There is no cost or obligation to you.
Deckers, its Chief Executive Officer Angel Martinez, and its Chief Financial Officer Thomas A. George, are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that (1) the Company had not taken adequate steps to offset the increased price in sheepskin costs; (2) the Company inventory for its UGG brand was at a maximum, which caused the Company to attempt to sell the products at reduced costs; (3) the unseasonably warm winter weather was impacting the Company's sales, and in particular, the Company's main product, the UGG brand; and (4) 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." As a result, the price of Deckers common stock dropped $12.49 per share to close at $77.72 per share. Then on April 26, 2012, after the market closed, the Company announced that it had missed its second quarter 2012 earnings targets and lowered its full-year 2012 guidance, projecting a decrease in 2012 diluted EPS of between 9% and 10%, compared to previous guidance for diluted EPS to be flat year-over-year. On this news, Deckers common stock dropped again, falling $17.63 per share to close at $51.83 per share on April 27, 2012, a one-day decline of more than 25%, on volume of more than 14 million shares traded.
Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who transacted in Deckers securities between October 27, 2011 and April 26, 2012, excluding defendants and their affiliates, and were damaged thereby. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you transacted in Deckers securities during the Class Period and were damaged thereby, you may, not later than October 1, 2012, move the court to serve as lead plaintiff of the class, if you so choose. In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
ATTN: Richard Gonnello, Esq. or Francis P. McConville, Esq.
firstname.lastname@example.org or email@example.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
SOURCE Faruqi & Faruqi, LLP