Brand and management team in the clear
14/04/2008
The senior management team of California-based lifestyle footwear brand Skechers said it was pleased that the Company and four of its most senior people had been cleared in a court case, in which they were accused of giving misleading information during a results briefing.
Founder Robert Greenberg, his sons Michael and Jeffrey and their chief operating officer, David Weinberg, all faced the accusation that they had committed fraud when they made optimistic projections in 2002 press releases and conference calls while knowing that the company was experiencing a decrease in product demand.
The case was brought against them by a group of shareholders, but an appeal court in California refused to reverse two previous court decisions that had cleared them.
"We are pleased with the court's ruling," said David Weinberg afterwards. “We have said continuously that neither the company nor the individual defendants engaged in any wrongful conduct whatsoever and we have been vindicated by the courts again and again for the past four years."
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