Lawsuit Overview
Settlement Overview
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October 2, 2014 - The U.S. Court of Appeals granted dismissal of additional appeal and each party shall bear its own costs.
September 19, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and partially dismissed the action with prejudice.
February 13, 2014 - The court held a final settlement hearing.
August 28, 2013 - The settlement was preliminarily approved by the court.
May 14, 2012 - Parties filed a stipulation of settlement.
April 9, 2012 - The U.S. Court of Appeals for the Tenth Circuit granted the plaintiffs' motions for remand.
April 4, 2011 - Another plaintiff filed an additional notice of appeal.
March 18, 2011 - The plaintiffs filed a notice of appeal.
March 4, 2011 - The court issued a final judgment ordering the case be dismissed.
February 28, 2011 - The defendants' motion to dismiss was granted.
July 23, 2009 - Another investor filed a complaint.
March 19, 2009 - The defendants filed a motion to dismiss.
December 31, 2008 - The lead plaintiffs filed a corrected amended consolidated complaint on behalf of investors who purchased Crocs Inc (NASDAQ: CROX) common shares between April 2, 2007 and April 14, 2008. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 2, 2007 and April 14, 2008.
September 17, 2008 - The lead plaintiffs and lead counsel were appointed.
January 7, 2008 - Lead plaintiff motions were filed.
December 19, 2007 - The court ordered all cases to be consolidated.
November 8, 2007 - An investor in shares of Crocs Inc (NASDAQ: CROX) filed a lawsuit in the U.S. District Court for the District of Colorado against Crocs Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 27, 2007 and October 31, 2007.
The complaint charges Crocs Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
According to the complaint, between July 27, 2007 and October 31, 2007, Defendants issued materially false and misleading statements that misrepresented and failed to disclose: (i) that the Company was experiencing significant distribution problems in Europe as it had moved distribution facilities and was experiencing distribution problems in Japan with a third-party distributor, causing the Company to lose tens of millions of dollars in sales; (ii) that the Company’s sales were being negatively impacted by seasonal conditions as consumers reduced purchases of the Company’s products in cold weather climates; (iii) that the Company’s inventory levels were building far beyond historic levels as sales began to slow and the Company’s sales began to be impacted by seasonality; and (iv) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects.
On October 31, 2007, Crocs Inc issued a press release announcing its financial results for the third quarter of 2007, the period ending September 30, 2007. Following the earnings announcements, Crocs Inc held a conference call for analysts and investors. During the call, Defendants discussed problems at its European and Japanese distribution centers and its growing inventory, among other things. In response to these announcements, the price of Crocs Inc (NASDAQ: CROX) stock declined from $74.75 per share to $47.74 per share on extremely heavy trading volume.
Crocs Inc and its subsidiaries design, develop and manufacture consumer products from specialty resins worldwide. Crocs Inc offers footwear for men, women and children under the “CROCS” brand.