Skechers USA (SKX) was served with a books-and-records lawsuit in Delaware Court of Chancery related to its potential buyout by private equity firm 3G Capital Partners, according to a legal complaint on Friday.
The plaintiff, company stockholder Kevin Barnes, is seeking corporate documents related to the go-private deal. According to the lawsuit, Barnes asked for the documents on June 17, and the company agreed to an initial scope of production on July 3 but has failed to provide a single document to date.
The lawsuit alleges that the controlling stockholders Robert and Michael Greenberg did not make the required disclosures in the process of the transaction, denying public stakeholders "sufficient information" needed to make an appraisal election decision. It also states that the special committee was formed just four days before the transaction agreement.
The lawsuit is asking the Court to order Skechers to produce the requested corporate documents.
Skechers did not immediately reply to a request for comment from MT Newswires.
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