Skechers Says Delaware Court Dismisses Shareholder Derivative Suit Against Board Members

(RTTNews) - Footwear and apparel company Skechers U.S.A., Inc. (SKX), Wednesday announced that the Delaware Chancery Court has dismissed the shareholder derivative lawsuit against its current and former board members.

The lawsuit filed on July 21, 2022 alleged a breach of fiduciary duty, waste of corporate assets, breach of duty of candor, and breach of contract in connection with certain executive officers' personal use of two company-owned aircraft by the board members, according to a SEC filing.

Currently, Skecher's stock is moving up 0.07 percent, to $57.77 on the New York Stock Exchange.