Shareholders Sue Sunglass Maker Oakley
Times Staff and Wire Reports
Two disgruntled Oakley Inc. shareholders alleged in civil lawsuits that the Irvine-based sunglasses manufacturer had fraudulently misled shareholders on an impending slowdown in sales and profit. The suits, filed in Orange County Superior Court in Santa Ana, allege that Oakley failed to tell investors that sales through Sunglass Hut, Oakley’s leading retail outlet, would slow late this year. Oakley executives were unavailable for comment. In recent weeks, Oakley has acknowledged that its sales were being hurt by slow demand from Sunglass Hut, but said new products in the pipeline would revive sales. The suits seek unspecified damages.
