Crocs, Inc., based in Niwot, Colorado, is a designer, manufacturer and marketer of colorful, comfortable footwear for men, women and children under the Crocs brand. Originally intended as a boating/outdoor shoe, they became extremely popular shoes for people of all ages. Since the company went public in early 2006, the stock price soared to a high of $75.21 on October 31, 2007.
After issuing its financial results for the 3rd quarter of 2007, Crocs, Inc. held a conference call for analysts and investors, discussing problems at its European and Japanese distribution centers and its growing inventory due to a seasonal drop in sales. In response to the announcements, Crocs stock declined to $47.74 per share. This drop was preceded by heavy selling among corporate officers and directors - 963,162 shares of their personally held Crocs common stock, generating proceeds of more than $58 million. None of the officers and directors at CROCS, Inc. has bought a single share on the open market this year.
Crocs, Inc. Stock Articles
Crocs Inc Faces Yet Another LawsuitCrocs Inc. faces yet another shareholder lawsuit, alleging that the company and its management misled shareholders and sold their own stock for at least $64 million. The lawsuit seeks class action status. This is at least the third shareholder lawsuit filed against Crocs since the company reported its third quarter results at the end of October. Following the company's report, stock fell 36 percent.
Crocs Faces Lawsuits
Crocs Inc. (Nasdaq: CROX) faces two shareholders lawsuits alleging the company violated securities laws. The two lawsuits were filed after the company announced that its revenue for the third quarter had fallen below expected levels.
