Skechers USA. Inc. has announced that the Delaware Chancery Court has dismissed with prejudice the shareholder derivative lawsuit filed on July 21, 2022, against all current and former members of the Skechers Board of Directors named as defendants. The Court’s decision to dismiss the action with prejudice was met with satisfaction by Michael Greenberg, President of Skechers, who expressed no surprise.
“We have consistently maintained that this lawsuit lacked merit. The Court’s ruling validates our position,” Greenberg stated.
The lawsuit alleged a breach of fiduciary duty, waste of corporate assets, breach of duty of candor and breach of contract, according to an SEC filing. As the ruling reads, it alleged that the company’s board of directors “failed to impose meaningful restraints on executives’ personal use of the Company’s two corporate airplanes.”
