DENVER—Another shareholder filed a lawsuit Monday against the shoemaker Crocs Inc., accusing executives of misleading shareholders about operations while selling off their own stock for at least $64 million.
Daryl Swanson sought class-action status for his lawsuit filed in U.S. District Court.
It resembles other shareholder lawsuits that allege executives including CEO Ron Snyder and Chief Financial Officer Peter Case did not tell shareholders about overseas distribution problems that cost the company about $30 million in third-quarter sales.
The lawsuits say shareholders also did not learn until after the third quarter that inventory of Crocs’ funky rubber-like shoes was building as sales began to slow due to cooler weather.
That news was revealed Oct. 31, when Crocs also reported sales that fell short of predictions, the lawsuit said. The next day, the company’s stock price dropped 36 percent to close at $47.74, the lawsuit said.
Shares closed down $1.29, or 3.3 percent, to $38.21 Monday.
Swanson’s lawsuit names Crocs, four executives and six board members as defendants. The suit alleges they sold $64 million of stock between July 27 and Oct. 31.
Crocs spokeswoman Tia Mattson did not return a phone message Monday. After the first shareholder lawsuits were filed, she said Crocs would vigorously defend the lawsuits.
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