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After Multiple Heelys Injuries, Shareholders File Suit

Law360 (August 29, 2007, 12:00 AM EDT) -- Shareholders of wheeled sneaker maker Heelys Inc. sued the company Monday, accusing it of failing to inform the public of the shoes' inherent dangers in its initial public stock offering in December 2006.

Heelys designs, markets and distributes footwear that comes with removable wheels. The wheel allows users of the shoes to “seamlessly” switch from walking or running to skating by shifting weight to their heels, according to the company.

The company's sales increased exponentially due to an aggressive marketing campaign which included features on television...
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