BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE: UA, UAA) securities between August 3, 2016 and November 1, 2019, inclusive (the “Class Period”). Under Armour investors have until January 6, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Under Armour investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On November 3, 2019, The Wall Street Journal reported that the U.S. Department of Justice and Securities and Exchange Commission were investigating Under Armour’s accounting of revenue and related disclosures. The investigations concern whether the Company “shifted sales from quarter to quarter to appear healthier.” Though Under Armour had reported at least 20% year-over-year revenue growth for 26 straight quarters, the Company missed its sales targets in the final quarter of 2016 and has been struggling with weak sales and restructuring ever since.
On this news, the Company’s Class C shares fell $3.47, or over 18%, to close at $15.44 per share and Class A shares fell $4.00, or nearly 19%, to close at $17.14 per share on November 4, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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) that 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) that 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.
If you purchased Under Armour securities, have information or would like to learn more about these claims, or 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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