A lawsuit was filed on behalf of investors in NASDAQ:SKUL shares over alleged securities laws violations by Skullcandy and NASDAQ:SKUL investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 03/02/2016 --A shareholder in Skullcandy Inc (NASDAQ:SKUL) filed a lawsuit over alleged violations of Federal Securities Laws by Skullcandy Inc.

Shares of Skullcandy Inc declined from $11.66 per share in April 2015 to as low as $2.93 per share on January 19, 2016

Investors who purchased shares of Skullcandy Inc (NASDAQ:SKUL) have certain options and for certain investors are short and strict deadlines running. Deadline: April 12, 2016. NASDAQ:SKUL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between August 7, 2015, and January 11, 2016 Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that the third quarter and full year 2015 revenue and net income guidance issued during the Company's second quarter 2015 earnings announcement and subsequent conference call were materially false and misleading in that the projections were unattainable, that the fourth quarter and full year 2015 revenue and net income guidance issued during the Company's third quarter 2015 earnings announcement and subsequent conference call were materially false and misleading in that the projections were unattainable, that the Defendants intentionally failed to timely disclose the Company's challenges with its largest China distributor, that the Defendant Rick Alden and Ptarmagin, an entity controlled by Alden, with full knowledge of the undisclosed materially adverse facts alleged herein, embarked on a selling spree of personal holdings of SKUL common stock at artificially inflated prices, which sales they made without first disclosing these adverse material facts known to Defendants and withheld from the market, which permitted them to engage in unusual insider selling and realize proceeds in excess of $4 million, and that as a result of the foregoing, Defendants' statements about SKUL's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On May 5, 2015, Skullcandy Inc announced its financial results for the first quarter ended March 31, 2015. While Skullcandy Inc reported that its first quarter Revenue rose from $39.08 million in 2014 to $46.19 million in 2015 its Net Loss in the first quarter increased from $3.39 million in 2014 to $3.83 million in 2015. Among other things, Skullcandy Inc also issued its second quarter 2015 and full year 2015 financial outlook.

On January 11, 2016, Skullcandy Inc announced for the fourth quarter, it now expects net sales to be approximately flat with 2014 levels, or increase approximately 2% on a currency neutral basis. Skullcandy said that it had previously forecasted net sales to increase by approximately 5-7%, or approximately 8-10% on a currency neutral basis. Skullcandy also said that the new outlook includes a $1.6 million pre-tax allowance for bad debt charge related to further challenges with a China distributor.

Those who purchased shares of Skullcandy Inc (NASDAQ:SKUL) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com