Securities fraud 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). If you purchased or otherwise acquired Under Armour securities between August 3, 2016 and November 1, 2019 inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than January 6, 2020.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Under Armour investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
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.
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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.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”