May 31, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Cherokee Inc (NASDAQ:CHKE) shares over potential securities laws violations by Cherokee Inc and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Cherokee Inc (NASDAQ:CHKE) concerning whether a series of statements by Cherokee Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Sherman Oaks, CA based Cherokee Inc. is a marketer and manager of a portfolio of fashion and lifestyle brands it owns or represents, licensing the Cherokee, Liz Lange, Completely Me by Liz Lange, Hawk, Tony Hawk, Sideout, Carole Little, Everyday California , Flip Flop Shops and ale by alessandra brands and related brands in various consumer product categories and sectors

Cherokee Inc reported that its Total Revenue rose from $34.65 million for the 52 weeks period that ended on January 3, 2016 to $40.62 million for the 52 weeks period that ended on January 28, 2017 and that its Net Income of $8.43 million for the 52 weeks period that ended on January 3, 2016 declined to a Net Loss of $7.93 million for the 52 weeks period that ended on January 28, 2017.

Shares of Cherokee Inc (NASDAQ:CHKE) declined from $28.67 per share in July 2015 to as low as $7.40 per share in March 2017.