NEW YORK, March 31, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Under Armour, Inc. ("Under Armour" or the "Company") (NYSE: UA) (NYSE: UAA) of the April 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Maryland on behalf of all those who purchased Under Armour securities between July 24, 2014 and January 30, 2017 (the "Class Period"). The case, Stenger v. Under Armour, Inc. et al, No. 1:17-cv-00611 was filed on March 2, 2017, and has been assigned to Judge Richard D. Bennett.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
Specifically, on January 30, 2017, the Company filed a Form 8-K with the Securities and Exchange Commission. Therein, the Company's Chairman and Chief Executive Officer, Kevin Plank, stated that, in part, "numerous challenges and disruptions in North American retail tempered our fourth quarter results." Furthermore, the Company announced that the Company's Chief Financial Officer, Chip Malloy, would be leaving the Company.
On this news, Under Armour's share price fell from $28.94 per share on January 30, 2017 to a closing price of $21.49 on January 31, 2017—a $7.45 or a 25.74% drop.
Request more information now by clicking here: www.faruqilaw.com/UAA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Under Armour's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP