NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Lululemon Athletica Inc. (NasdaqGS: LULU).
On February 5, 2018, the Company revealed that CEO Laurent Potdevin had resigned as CEO and as a member of the company’s Board of Directors “effective immediately” citing his failure to comply with the Company’s standards of conduct. Further, the separation agreement entered into between the Company and Potdevin provided for “a lump sum cash payment of $3,350,000” as well as “a cash payment of $1,650,000 to be paid over a period of 18 months in equal monthly installments.” Subsequent media reports citing anonymous former employees noted that the misconduct was not related to the Company’s finances or operations, but involved many issues including a prior long-term relationship with an employee, exacerbated by preferential treatment, authority and benefits given to the employee, as well as Potdevin often inviting employees to his home or hotel room for drinks (which, according to two employees, also involved drug use).
KSF’s investigation is focusing on whether Lululemon’s officers and/or directors breached their fiduciary duties to Lululemon’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Lululemon shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-lulu/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.