Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Under Armour, Inc. Investors
Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE: UA, UAA) securities between August 3, 2016 and November 1, 2019, inclusive (the “Class Period”). Under Armour investors have until January 6, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
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 Company’s Class C shares fell $3.47, or over 18%, to close at $15.44 per share and Class A shares fell $4.00, or nearly 19%, to close at $17.14 per share on November 4, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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) that 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) that 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.
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If you purchased Under Armour securities during the Class Period, you may move the Court no later than January 6, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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