LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE: UAA) securities between April 21, 2016 and January 30, 2017, inclusive (the “Class Period”). Under Armour investors have until April 10, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Under Armour investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action lawsuit alleges that, during the Class Period, Under Armour and certain of its officers made false and misleading statements and failed to disclose that Under Armour's revenue and profit margins would not be able to withstand the heavy promotions, high inventory levels and ripple effects of numerous department store closures and the bankruptcy of one of its large retailers. Instead, Under Armour promoted itself as a growth company that would continue to develop and market game-changing products. Defendants' false statements and/or omissions caused Under Armour common stock to trade at artificially inflated prices during the Class Period.
On January 31, 2017, Under Armour disclosed lower-than-anticipated fourth-quarter revenues as well as announced the resignation of CFO Chip Molloy after only 13 months.
More than a fifth of Under Armour's market capitalization, or about $2.7 billion, vanished on January 31, 2017 after the company said its quarterly revenue growth fell below 20 percent for the first time in 26 quarters and that it was replacing its CFO after only 13 months.
If you purchased shares of Under Armour during the Class Period you may move the Court no later than April 10, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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