INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Under Armour, Inc.
NEW YORK--(BUSINESS WIRE)--Nov 6, 2019--
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Maryland on behalf of those who acquired Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE: UA, UAA ) securities during the period from August 3, 2016 through November 1, 2019 (the “Class Period”). Investors have until January 6, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Under Armour failed to disclose that: (i) the Company shifted sales from quarter to quarter to appear healthier, including to keep pace with their long-running year-over-year 20% net revenue growth; and (ii) 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.
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 price of Under Armour Class A stock (UAA) fell $4.00, or 18.9%, to close at $17.14 on November 4, 2019. The price of Under Armour Class C stock (UA) fell $3.47, or 18.4%, to close at $15.44 on November 4, 2019.
If you are a shareholder of Under Armour, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191106006141/en/
CONTACT: Kirby McInerney LLP
Thomas W. Elrod, Esq.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Kirby McInerney LLP
Copyright Business Wire 2019.
PUB: 11/06/2019 08:00 PM/DISC: 11/06/2019 08:00 PM