SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that 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) between August 3, 2016 and November 1, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Under Armour during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 6, 2020. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Under Armour investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
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.
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.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
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