LOS ANGELES, CA / ACCESSWIRE / April 8, 2017 / Lundin Law PC , a shareholder rights firm, announces the filing of a class action lawsuit against Under Armour, Inc. ("Under Armour" or the “Company”) (NYSE: UA, UAA) concerning possible violations of federal securities laws between April 21, 2016 and January 30, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired the Company’s shares during the Class Period should contact the firm by the April 10, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Under Armour 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, 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 [Company's] fourth quarter results." The Company also reported that its CFO was leaving the Company. When this information reached the public, the Company's stock price decreased, thus harming investors.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC