On or around 11/16/2018 (Ongoing date of last review)
Filing Date: February 10, 2017
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.
Company & Securities Information
Defendant: Under Armour, Inc.
Sector: Consumer Cyclical
Headquarters: United States
Ticker Symbol: UA
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Brian Breece, et al. v. Under Armour, Inc., et al.