RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE: UA) (NYSE: UAA) securities between August 3, 2016 and November 1, 2019, inclusive (the “Class Period”).
Under Armour shareholders may, no later than January 6, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Under Armour and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
According to the filed complaint, the Class Period commences on August 3, 2016, when Under Armour filed its quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2016. On November 3, 2019, The Wall Street Journal reported on U.S. Department of Justice ("DOJ") and U.S. Securities and Exchange Commission ("SEC") investigations into Under Armour's accounting practices and related disclosures. The article noted that the investigation concerns whether Under Armour shifted sales from quarter to quarter to appear healthier. That same day, Under Armour confirmed to The Wall Street Journal that it had been cooperating with the DOJ and SEC since July 2017.
Following this news, Class C shares of Under Armour (UA) fell $3.47 per share, or 18.35%, to close at $15.44 per share and Class A shares of Under Armour (UAA) fell $4.00 per share, or 18.92%, to close at $17.14 per share on November 4, 2019.
The filed complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Under Armour shifted sales from quarter to quarter to appear healthier, including to keep pace with their long-running year-over-year 20% net revenue growth; (2) Under Armour had been under investigation by and cooperating with the DOJ and SEC since at least July 2017; and (3) as a result, the defendants' statements about Under Armour's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you are a member of the class, you may, no later than January 6, 2020, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.