X

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

(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.

story continues below

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. (Read more Lululemon Athletica stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X