RICHARDSON, Texas, May 20, 2011 (GLOBE NEWSWIRE) -- Fossil, Inc. (Nasdaq:FOSL) (the "Company") today announced that the United States District Court for the Northern District of Texas, Dallas Division (the "District Court") has preliminarily approved a Stipulation and Agreement of Settlement (the "Settlement") in connection with certain derivative lawsuits involving the Company. The three shareholder derivative lawsuits were originally filed in 2006 on behalf of the Company, naming the Company as a nominal defendant and naming all of its then current directors and certain of its current and former officers and directors as defendants in connection with certain stock option grants made by the Company.
The terms of the proposed settlement are described in a Notice of Proposed Settlement of Shareholder Derivative Action filed with the Securities and Exchange Commission today on a Current Report on Form 8-K. The District Court's approval is subject to a final hearing (the "Settlement Hearing") to be held on June 30, 2011, at 4:00 p.m., before the District Court, 1100 Commerce Street, Dallas, TX 75242. For more information on the Settlement and the Settlement Hearing, go to www.fossil.com.
Fossil is a global design, marketing and distribution company that specializes in consumer fashion accessories. The Company's principal offerings include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, soft accessories, shoes, and clothing. In the watch and jewelry product category, the Company's offerings include a diverse portfolio of globally recognized proprietary and licensed brand names under which its products are marketed. The Company's extensive range of accessories products, brands, distribution channels and price points allows it to target style-conscious consumers across a wide age spectrum on a global basis. The Company's products are sold to department stores, specialty retail stores, and specialty watch and jewelry stores in the U.S. in approximately 120 countries worldwide through 23 company-owned foreign sales subsidiaries and a network of approximately 60 independent distributors. The Company also distributes its products in over 360 company-owned and operated retail stores and through international e-commerce websites and the Company's U.S. e-commerce website at www.fossil.com, where certain product, press release and SEC filing information concerning the Company is also available.
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CONTACT: Mike Kovar Chief Financial Officer Fossil, Inc. (972) 699-6811 Investor Relations: Allison Malkin Integrated Corporate Relations (203) 682-8200