Sketchers Settles Lawsuit By Canceling Stock Awards

A Delaware shareholder derivative suit against Sketchers is being settled as the company agrees to cancel $20 million in equity awards issued to founder Robert Greenberg and two top officers in 2019 and 2020.

The lawsuit alleged breaches of fiduciary duty, unjust enrichment, and corporate waste for these and other awards as well. The shareholders claimed that it was wrong to provide compensation to “attract, incentivize and retain family member/founders. The suit was filed by the Police Fire & Retirement System of the City of Detroit.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s