UNDER ARMOUR INVESTOR ALERT: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Against Under Armour Inc.
November 06 2019 - 3:22PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
Under Armour, Inc. ("Under Armour" or the "Company") (NYSE: UA,
UAA) between August 3, 2016 and November 1, 2019, inclusive (the
"Class Period"). The lawsuit filed in the United States District
Court for the District of Maryland alleges violations of the
Securities Exchange Act of 1934.
If you purchased Under Armour securities, and/or would like
to discuss your legal rights and options please visit Under
Armour Shareholder Class Action or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, defendants throughout the Class Period
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) the Company had been
under investigation by and cooperating with the U.S. Department of
Justice and U.S. Securities and Exchange Commission since at least
July 2017; and (3) as a result, defendants’ statements about its
business, operations, and prospects, were materially false and
misleading and/or lacked a reasonable basis at all relevant times.
When the true details entered the market, the lawsuit claims that
investors suffered damages.
On November 3, 2019, the Wall Street Journal reported on U.S.
Department of Justice and Securities and Exchange Commission
investigations into Under Armour's accounting practices and related
disclosures.
On 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 $4.000 per share or 18.92% to close at
$17.14 per share on November 4, 2019, damaging investors.
If you purchased Under Armour securities, and/or would like
to discuss your legal rights and options please visit
https://www.bernlieb.com/cases/underarmourinc-ua-shareholder-class-action-lawsuit-212/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 6, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20191106005936/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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