Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the District of Maryland on behalf of shareholders of Under Armour, Inc. (NYSE: UA, UAA) who purchased shares between July 24, 2014 and January 30, 2017.
The complaint alleges that throughout the class period Under Armour and certain of its officers and directors made materially false and misleading statements and/or failed to disclose that one of its largest wholesale retailers, The Sports Authority, was facing bankruptcy and, as a result of its high inventory levels at The Sports Authority, Under Armour was at risk of not meeting its revenue and profit margins.
On January 30, 2017, the Company filed a Form 8-K wherein CEO Kevin Plank noted that “numerous challenges and disruptions in North American retail tempered our [the Company’s] fourth quarter results.” The Company also reported that its CFO was leaving the Company. Following this news, shares of Under Armour fell approximately 26% to close at $21.49 per share on January 31, 2017.
If you suffered a loss in Under Armour you have until April 10, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
To receive more information, please fill out the form.