Skechers investors are suing company executives and Skechers owner 3G Capital over what they say was an unfair sale price in an acquisition earlier this year. <\/p>\n
3G Capital took the Manhattan Beach-based sneaker company<\/a> private in a $9.4-billion deal that closed in September and reflected a share price of $63 per share. <\/p>\n In a class action complaint filed this month in Delaware Chancery Court, hedge funds and other large Skechers investors accused the company and 3G Capital of arranging a non-independent deal that shortchanged minority shareholders. <\/p>\n The deal undervalued the company<\/a> as its shares were taking a beating because of a volatile federal tariff policy, the complaint said. The deal also benefited Skechers President Michael Greenberg and other controlling shareholders, according to the plaintiffs.<\/p>\n Plaintiffs seeking a higher share price were unable to reach an early settlement with Skechers after the company made an offer that was slightly higher than the original price, Bloomberg reported<\/a> this week. <\/p>\n According to court documents, 3G Capital had offered a price of $73 per share in March this year, but lowered its offer after Trump\u2019s tariff<\/a> \u201cliberation day\u201d on April 2. <\/p>\n Investors are now pressing ahead with the case, according to Bloomberg. <\/p>\n Skechers said it would not comment on pending legal matters. <\/p>\n