Under Armour, Inc. Shareholder Class Action: January 6, 2020 Filing Deadline – Contact Lieff Cabraser
November 13 2019 - 9:01AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise 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”).
If you purchased or otherwise acquired the securities of Under
Armour during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than January 6, 2020. A
lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in the actions will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the actions.
Under Armour investors who wish to learn more about the
litigation and how to seek appointment as lead plaintiff should
click here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Under Armour Securities
Class Litigation
Under Armour, based in Baltimore, Maryland, develops, markets,
and distributes branded performance apparel, footwear, and
accessories for men, women, and youth.
The action alleges that during the Class Period, Under Armour
made false and/or misleading statements and/or failed to disclose
that: (i) Under Armour improperly shifted sales from quarter to
quarter to keep pace with their long-running year-over-year 20% net
revenue growth; (ii) the Company had been subject to federal
accounting probes since at least July 2017; and (iii) 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.
On November 3, 2019, The Wall Street Journal reported that the
U.S. Department of Justice (“DOJ”) and the Securities Exchange
Commission (“SEC”) are investigating whether Under Armour shifted
sales from quarter to quarter to appear healthier. On the following
day, Under Armour confirmed that it was under DOJ and SEC
investigations and has been responding to requests for documents
and information regarding certain of its accounting practices and
related disclosures, beginning with submissions to the SEC in July
2017. Following this news, the price of Under Armour Class A common
stock fell $4.00 per share, or nearly 18.9%, to close at $17.14 per
share, and its Class C common stock fell $3.47 per share, or 18.3%,
to close at $15.44 per share.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” Benchmark Litigation has named
Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191113005245/en/
Sharon M. Lee Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358
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