NEW YORK, Feb. 10, 2017 /PRNewswire/ -- The law firm Gardy & Notis, LLP announces that it filed a securities fraud class action lawsuit in federal court on behalf of investors who purchased Under Armour, Inc. ("Under Armour") (NYSE: UA, UAA) common stock between April 21, 2016 and January 30, 2017 (the "Class Period").
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.
If you purchased Under Armour common stock anytime between April 21, 2016 and January 30, 2017 and you wish to serve as lead plaintiff, you may move the Court no later than April 10, 2017. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. This action was filed in the United States District Court for the District of Maryland, and is captioned Brian Breece v. Under Armour, Inc., et. al. (1:17-cv-00388).
Gardy & Notis, LLP specializes in large, complex litigation in the fields of securities, corporate governance, and mergers and acquisitions. The attorneys at Gardy & Notis, LLP have served as plaintiffs' lead counsel in some of the largest securities fraud class action recoveries.
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SOURCE Gardy & Notis, LLP