NEW YORK--(BUSINESS WIRE)--Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Under Armour, Inc. ("Under Armour" or the "Company") (NYSE: UA, UAA) between August 3, 2016 and November 1, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the District of Maryland alleges violations of the Securities Exchange Act of 1934.
If you purchased Under Armour securities, and/or would like to discuss your legal rights and options please visit Under Armour Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 3, 2019, the Wall Street Journal reported on U.S. Department of Justice and Securities and Exchange Commission investigations into Under Armour's accounting practices and related disclosures.
On this news, Class C shares of Under Armour (UA) fell $3.47 per share or 18.35% to close at $15.44 per share and Class A shares of Under Armour (UAA) fell $4.000 per share or 18.92% to close at $17.14 per share on November 4, 2019, damaging investors.
If you purchased Under Armour securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/underarmourinc-ua-shareholder-class-action-lawsuit-212/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.