Brower Piven Encourages Investors Who Have Losses In Excess Of $500,000 From Investment In Deckers Outdoor Corp. To Inquire About The Lead Plaintiff Position In Securities Fraud Class Action Lawsuit Before The July 31, 2012 Lead Plaintiff Deadline
Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Deckers Outdoor Corp. (“Deckers” or the “Company”) (Nasdaq: DECK) during the period between October 27, 2011 and April 26, 2012, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in Deckers Outdoor Corp. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities fraud and other class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 31, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period that the Company was not able to mitigate the effects of dramatically increasing prices for sheepskin, that the Company was seeing a decline in demand to a much larger extent than represented due to the unusually warm weather, and that the Company's inventory levels for its UGG brand were increasing rapidly, which led to the increased use of mark-downs and close-outs thus negatively impacting gross margins. According to the complaint, after, on February 23, 2012, the Company announced that inventory levels had increased 100% and that it expected flat earnings, and, after, on April 26, 2012, the Company announced that it had missed its second quarter 2012 earnings and lowered its full-year 2012 guidance, projecting a 9 to 10% decrease in 2012 earnings, the value of Deckers shares declined significantly.
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