Under Armour investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Under Armour develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth. In addition, Under Armour also purports to offer accessories, which include gloves, bags, and headwear; and digital fitness subscriptions, as well as digital advertising through MapMyFitness, MyFitnessPal, and Endomondo platforms.
The Class Period commences on August 3, 2016, when Under Armour filed its quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2016.
On Sunday, November 3, 2019, The Wall Street Journal reported on U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) investigations into Under Armour's accounting practices and related disclosures. The article, entitled “Under Armour Is Subject of Federal Accounting Probes,” noted that the investigations are concerning whether Under Armour shifted sales from quarter to quarter to appear healthier. That same day, Under Armour confirmed to The Wall Street Journal that it had been cooperating with the DOJ and SEC since July 2017.
Following 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 $4.00 per share, or 18.92%, to close at $17.14 per share on November 4, 2019.
The complaint alleges that, throughout the Class Period, the defendants 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) Under Armour had been under investigation by and cooperating with the DOJ and SEC since at least July 2017; and (3) as a result, the defendants’ statements about Under Armour’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you are a member of the class described above, you may no later than January 6, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning the attached form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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