United States SEC Fines $9.2 Billion Footwear Company Skechers $1.25 Million for Failure to Disclose Employment of 2 Relatives of Skecher Executives, Consulting Relationship of an Individual Who Shared a Household with a Skecher Executive & 2 Executives Owing $120,000 of Personal Expenses Paid by the Company
9th March 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) has fined $9.2 billion (8/3/24 market value) footwear company Skechers $1.25 million for failure to disclose employment of 2 relatives of Skecher executives, a consulting relationship of an individual who shared a household with a Skecher executive, and 2 executives owing $120,000 of personal expenses paid by the company. United States SEC: “The Securities and Exchange Commission today announced that Skechers U.S.A. Inc., a footwear company based in California, agreed to settle charges for failing to disclose payments for the benefit of its executives and their immediate family members. Skechers agreed to pay a $1.25 million civil penalty to settle the SEC’s charges. According to the SEC’s order, from 2019 through 2022, Skechers did not comply with related person transaction disclosure requirements when it failed to disclose its employment of two relatives of its executives and did not disclose a consulting relationship involving a person who shared a household with one of its executives. Furthermore, according to the SEC’s order, for multiple years, Skechers failed to disclose that two of its executives owed more than $120,000 to the company for personal expenses that had been paid for by Skechers but not yet reimbursed by the executives. The SEC’s order finds that Skechers violated reporting and proxy solicitation provisions of the Securities Exchange Act of 1934. Without admitting or denying the SEC’s findings, Skechers agreed to a cease-and-desist order and to pay the civil monetary penalty referenced above. The SEC’s investigation was conducted by Oreste P. McClung and Brian R. Higgins and was supervised by Brendan P. McGlynn, Mr. Thompson, and Nicholas P. Grippo, all with the Philadelphia Regional Office.”
“ United States SEC Fines $9.2 billion Footwear Company Skechers $1.25 Million for Failure to Disclose Employment of 2 Relatives of Skecher Executives, Consulting Relationship of an Individual Who Shared a Household with a Skecher Executive & 2 Executives Owing $120,000 of Personal Expenses Paid by the Company “
United States SEC Fines $9.2 Billion Footwear Company Skechers $1.25 Million for Failure to Disclose Employment of 2 Relatives of Skecher Executives, Consulting Relationship of an Individual Who Shared a Household with a Skecher Executive & 2 Executives Owing $120,000 of Personal Expenses Paid by the Company
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