A Skechers (SKX) shareholder has sued the company for more details on its $9.4B buyout by private equity firm 3G Capital, saying the decision by Skechers’ founder to sell raises “red flags,” Jonathan Stempel of Reuters reports. According to a complaint filed on Thursday in Los Angeles federal court, founder Robert Greenberg and his family appear to have “controlled the sales process to a single bidder and deprived the minority stockholders of any legitimate bidding process,” Reuters add.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SKX:
- Broadcom, Arista Networks initiated: Wall Street’s top analyst calls
- Skechers downgraded to Hold on pending buyout at TD Cowen
- Skechers downgraded to Hold from Buy at TD Cowen
- Skechers USA Holds Annual Stockholders Meeting
- Dick’s Sporting Goods Stock (DKS) Plunges 15% as Investors Assess Foot Locker Acquisition