BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 10, 2017 deadline to file a lead plaintiff motion in the class action 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.
On January 31, 2017, Under Armour announced lower-than-anticipated fourth-quarter revenues, and the resignation of CFO Chip Molloy after only 13 months with the Company. On this news, more than a fifth of Under Armour's market capitalization, or about $2.7 billion, vanished on January 31, 2017, thereby injuring investors.
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.
If you purchased or otherwise acquired Under Armour shares during the Class Period you may move the Court no later than April 10, 2017 to request appointment 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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