Lawsuit Filed Against Skechers U.S.A., Inc. Over Alleged Securities Fraud in $9.4 Billion Take-Private Merger
Berger Montague has announced a class action lawsuit against Skechers U.S.A., Inc. (formerly NYSE: SKX) following its $9.4 billion take-private transaction. The complaint alleges that senior executives, including CEO Robert Greenberg and President Michael Greenberg, conspired with 3G Capital and Greenhill & Co. to acquire unaffiliated shareholders at an artificially low price of $63 per share. The lawsuit claims management manipulated financial projections regarding the impact of global trade tariffs to justify the merger price. It further alleges that while public shareholders received only $63 per share, the Greenberg family received a mixed consideration totaling approximately $86 per share, resulting in over $1 billion in cash proceeds for them personally.