INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Under Armour, Inc.
November 06 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
District of Maryland on behalf of those who acquired Under Armour,
Inc. (“Under Armour” or the “Company”) (NYSE: UA, UAA) securities
during the period from August 3, 2016 through November 1, 2019 (the
“Class Period”). Investors have until January 6, 2020 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Under Armour failed to disclose that:
(i) the Company shifted sales from quarter to quarter to appear
healthier, including to keep pace with their long-running
year-over-year 20% net revenue growth; and (ii) 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.
On November 3, 2019, The Wall Street Journal reported that the
U.S. Department of Justice and Securities and Exchange Commission
were investigating Under Armour’s accounting of revenue and related
disclosures. The investigations concern whether the Company shifted
sales from quarter to quarter to appear healthier. Though Under
Armour had reported at least 20% year-over-year revenue growth for
26 straight quarters, the Company missed its sales targets in the
final quarter of 2016 and has been struggling with weak sales and
restructuring ever since.
On this news, the price of Under Armour Class A stock (UAA) fell
$4.00, or 18.9%, to close at $17.14 on November 4, 2019. The price
of Under Armour Class C stock (UA) fell $3.47, or 18.4%, to close
at $15.44 on November 4, 2019.
If you are a shareholder of Under Armour, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106006141/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
Under Armour (NYSE:UAA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Under Armour (NYSE:UAA)
Historical Stock Chart
From Sep 2023 to Sep 2024