November 6, 2019 - An investor in shares of Under Armour, Inc. (NYSE: UA) filed a lawsuit in the U.S. District Court for the District of Maryland over alleged violations of Federal Securities Laws by Under Armour, Inc. in connection with certain allegedly false and misleading statements made between August 3, 2016 and November 1, 2019.

Baltimore, MD based Under Armour, Inc., together with its subsidiaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.

On November 3, 2019, an article was published reporting that the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”) were investigating Under Armour regarding whether the Company “shifted sales from quarter to quarter to appear healthier.”

Shares of Under Armour, Inc. (NYSE: UA) declined from $24.55 per share in July 2019 to as low as $15.36 per share. According to the complaint the plaintiff alleges on behalf of purchasers of Under Armour, Inc. (NYSE: UA) common shares between August 3, 2016 and November 1, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 3, 2016 and November 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose 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, 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 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.