The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Under Armour, Inc. (NYSE: UA) who purchased shares between August 3, 2016 and November 1, 2019. The action, which was filed in the United States District Court for the District of Maryland, alleges that the Company violated federal securities laws.
In particular, the Under Armour lawsuit alleges 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) undisclosed to the investing public, 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.
Shareholders have until January 6, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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