According to the law firm press release, the lawsuit alleges that, during the Class Period, Under Armour and certain of its officers made false and misleading statements and 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. Defendants' false statements and/or omissions caused Under Armour common stock to trade at artificially inflated prices during the Class Period.

The fraud was revealed on January 31, 2017 when Under Armour released weaker-than-expected earnings for the fourth quarter of 2016, and the poor results were in fact tied to market factors, such as department store closings.

On April 26, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 9. On November 9, the Defendants filed Motions to Dismiss the amended Complaint. On September 19, 2018, the Court issued an Order granting the Defendants' Motions to Dismiss. Lead Plaintiff filed a consolidated second amended Complaint on November 16. Defendants filed a Motion to Dismiss the second amended Complaint on January 17, 2019. On August 18, the Court issued an Order granting Defendants' Motion to Dismiss. On September 9, the Court entered an Order of Judgment in favor of the Defendants. Lead Plaintiff filed a Notice appealing the Court's Judgment Order on September 17. On August 13, 2020, the Court of Appeals remanded the case to the District Court for the limited purpose of allowing the District Court to rule on Appellants’ Fed. R. Civ. P. 60(b) motion. On September 14, the Court issued an Order granting Plaintiffs' Motion for Relief from the Court's September 9, 2019 Judgment and consolidating cases. Lead Plaintiff filed a consolidated third amended Complaint on October 14.