WILMINGTON, Del., Feb. 17, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Skullcandy, Inc. (NASDAQ:SKUL)?
- Did you purchase your shares between August 7, 2015 and January 11, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Utah on behalf of all persons or entities that purchased the common stock of Skullcandy, Inc. (“Skullcandy” or the “Company”) (NASDAQ:SKUL) between August 7, 2015 and January 11, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Skullcandy during the Class Period, or purchased shares prior to the Class Period and still hold Skullcandy, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/skullcandy-inc-skul.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on January 11, 2016, Skullcandy issued a press release which updated the Company’s financial outlook for the fourth quarter ended December 31, 2015, and announced that it had missed Q4 2015 net sales projections. According to the release, “the Company now expects net sales to be approximately flat with 2014 levels, or increase approximately 2% on a currency neutral basis. The Company had previously forecasted net sales to increase by approximately 5-7%, or approximately 8-10% on a currency neutral basis, compared to the same quarter a year ago.”
On this news, shares of Skullcandy dropped over 28%, closing at $3.26 per share on January 12, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than April 12, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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