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Under Armour Inc (NYSE: UAA) Investor Securities Class Action Lawsuit 02/10/2017

  • If you purchased shares of Under Armour Inc (NYSE: UAA), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Under Armour
Security
NYSE: UAA

Case Name
Under Armour Shareholder Class Action Lawsuit 02/10/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Maryland

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Class Period End
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Summary

October 14, 2020 - A third amended consolidated complaint was filed.

August 13, 2020 - The Court of Appeals remanded the case to the district court.

September 17, 2019 - A notice of appeal was filed.

August 18, 2019 - The court granted the defendants' motion to dismiss.

January 17, 2019 - A motion to dismiss the second amended consolidated complaint was filed.

November 16, 2018 - A second amended consolidated complaint was filed.

September 19, 2018 - The court granted the defendants' motion to dismiss.

November 9, 2017 - A motion to dismiss the amended consolidated complaint was filed.

August 9, 2017 - An amended consolidated complaint was filed.

February 10, 2017 - An investor in shares of Under Armour Inc (NYSE: UAA) 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 April 21, 2016 and January 30, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Under Armour Inc (NYSE: UAA) common shares between April 21, 2016 and January 30, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 21, 2016 and January 30, 2017, Under Armour Inc and certain of its officers made false and misleading statements and failed to disclose that Under Armour Inc's revenue and profit margins would not be able to withstand the heavy promotions, high inventory levels and ripple effects of numerous department store closures and the bankruptcy of one of its large retailers. The plaintiff claims that instead, Under Armour Inc promoted itself as a growth company that would continue to develop and market game-changing products and that defendants' allegedly false statements and/or omissions caused Under Armour Inc common stock to trade at artificially inflated prices between April 21, 2016 and January 30, 2017.

On January 31, 2017, Under Armour Inc reported its fourth quarter and fully year results and announced its outlook for 2017. Under Armour Inc reported that its annual Total Revenue rose from over $3.96 billion in 2015 to over $4.82 billion in 2016 and that its Net Income increased from $232.57 million in 2015 to $258.66 million in 2016. Among other things, Under Armour Inc announced that its Chief Financial Officer, Chip Molloy, has decided to leave the company due to personal reasons.

Shares of Under Armour Inc (NYSE: UAA) declined from over $80 per share in early 2016 to as low as $20.44 per share on February 3, 2017. On February 10, 2017, NYSE: UAA shares closed at $21.60 per share.