Cases
Under Armour, Inc. (NYSE: UA, UAA)
Securities Class Action
Overview
Overview
- Date:
- 2/13/2017
- Company Name:
- Under Armour, Inc.
- Stock Symbol:
- UA, UAA
- Class Period:
- FROM 7/24/2014 TO 1/30/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: District of Maryland
NEW YORK, February 13, 2017 - Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities who acquired Under Armour, Inc. (NYSE: UAA) securities between April 21, 2016 and January 30, 2017 (the Class Period).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Under Armour'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. Instead, Under Armour promoted itself as a growth company that would continue to develop and market game-changing products.
On January 31, 2017, Under Armour revealed its lower-than-anticipated fourth-quarter revenues and announced the resignation of CFO Chip Molloy. Roughly $2.7 billion or one fifth of Under Armour's market capitalization disappeared on January 31, 2017 after Under Armour said its quarterly revenue growth dropped more than 20% for the first time in 26 quarters and that it was replacing its CFO after only 13 months. Following this news, Under Armour stock dropped, damaging investors.
If you purchased or otherwise acquired Under Armour securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Under Armour'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. Instead, Under Armour promoted itself as a growth company that would continue to develop and market game-changing products.
On January 31, 2017, Under Armour revealed its lower-than-anticipated fourth-quarter revenues and announced the resignation of CFO Chip Molloy. Roughly $2.7 billion or one fifth of Under Armour's market capitalization disappeared on January 31, 2017 after Under Armour said its quarterly revenue growth dropped more than 20% for the first time in 26 quarters and that it was replacing its CFO after only 13 months. Following this news, Under Armour stock dropped, damaging investors.
If you purchased or otherwise acquired Under Armour securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.