BOULDER -- Crocs Inc. (Nasdaq: CROX) might be served with a class-action lawsuit following a 47 percent decline in its stock price.

A lawsuit being compiled by New York-based Coughlin Stoia Geller Rudman & Robbins LLC accuses the Boulder-based shoemaker of issuing "material false and misleading statements" in regards to distribution issues, seasonal sale conditions and inventory levels. The law firm issued a press release Thursday seeking an individual or organization to serve as the lead plaintiff in the case.

On Oct. 31, Crocs issued its third quarter results with revenues of $256.3 million -- up 130 percent from third quarter 2006 -- and net income of $56.5 million -- up from $21.5 million in 2006. However, Crocs stock fell from $74.75 on Oct. 31 to $47.74 on Nov. 1 and has since reached as low as $33.75. The announcement from the Coughlin law firm alleges that the decline is a response to a statement made during the Crocs conference call in which company officials discussed distribution issues in Europe and Japan as well as a growing inventory.

As of Friday afternoon, Crocs had not issued a statement regarding the possibility of a lawsuit. A call to the company was not immediately returned. In afternoon trading, Crocs' stock was up $2.30 to $39.32.