SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Under Armour, Inc.
WILMINGTON, DE / ACCESSWIRE / November 8, 2019 / Rigrodsky & Long, P.A.:
Did you purchase your shares between August 3, 2016 and November 1, 2019, inclusive?
Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities that purchased the common stock of Under Armour, Inc. ("Under Armour" or the "Company") (NYSE: UA) (NYSE: UAA) between August 3, 2016 and November 1, 2019, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Under Armour during the Class Period, or purchased shares prior to the Class Period and still hold Under Armour, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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) 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 (3) 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. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 3, 2019, the Wall Street Journal reported on U.S. Department of Justice and Securities and Exchange Commission investigations into Under Armour's accounting practices and related disclosures. The investigations are examining whether Under Armour shifted sales from quarter to quarter to appear healthier. After years of at least 20% year-over-year revenue growth, Under Armour missed its sales targets in the final quarter of 2016 and has been struggling with weak sales and restructuring ever since. That same day, the Company confirmed to the Wall Street Journal that it had been cooperating with the U.S. Department of Justice and Securities and Exchange Commission since July 2017.
On this news, shares of Under Armour's Class A and Class C shares each fell over 18%, closing at $17.14 and $15.44 per share, respectively, on November 4, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
Fax: (302) 654-7530
SOURCE: Rigrodsky & Long, P.A.