Shareholder Sues Lululemon Over See-Through Pants
Says company defrauded shareholders by hiding what they were not hiding
By Ruth Brown, Newser Staff
Posted Jul 3, 2013 6:49 AM CDT
A woman walks past a Lululemon Athletica store in New York.   (AP Photo/Mary Altaffer, File)

(Newser) – They're the see-through yoga pants that will not disappear. After the famously sheer pants saw Lululemon's chief product officer fired, CEO resign, and stock price plummet, they have now incited a lawsuit. A shareholder is accusing the company of fraud, claiming Lululemon deliberately hid the defects in the pants, and concealed "serious discussions" about then-CEO Christine Day's exit, thus causing shares to drop 17.5 % in June, Reuters reports.

Meanwhile, the company is in search of a new CEO. "Any ideas?" Lululemon wrote on its Facebook page. In a "fake" job advertisement on its site (which now appears to have been removed), it described the position thusly: "You report to no one, you are the CEO (duh). You are passionate about doing chief executive officer type stuff like making decisions, having a vision and being the head boss person." Though the post was a joke, it nevertheless garnered at least 160 responses, the Boston Globe reports.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Shareholder Sues Lululemon Over See-Through Pants is...
22%
9%
3%
3%
1%
62%
Show results without voting
You Might Like
Comments
Showing 1 of 1 comment
Libris_Fidelis
Jul 3, 2013 11:19 AM CDT
Henceforth all retail employees will wear see-through pants and skirts and underwear so that we will be able to see if merchandise is being stolen or not under the clothing.