Robbins Geller Rudman & Dowd LLP Announces Class Action on Behalf of Under Armour Shareholders

BALTIMORE, Oct. 2, 2023 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the In re Under Armour Securities Litigation:

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MARYLAND

Notice of Pendency of Class Action Announced by Lead Class Counsel Mark Solomon, Robert R. Henssler Jr., Stephen R. Astley, and Elizabeth A. Shonson of Robbins Geller Rudman & Dowd LLP in In re Under Armour Securities Litigation, No. RDB-17-388.

Mark Solomon, Robert R. Henssler Jr., Stephen R. Astley, and Elizabeth A. Shonson of Robbins Geller Rudman & Dowd LLP, announce class certification has been granted allowing a class of shareholders to proceed in a lawsuit named In re Under Armour Securities Litigation, No. RDB-17-388.

The litigation asserts claims for alleged violations of the federal securities laws against Under Armour, Inc. ("Under Armour" or the "Company") and Kevin A. Plank (collectively, "Defendants").  On September 29, 2022, the United States District Court for the District of Maryland entered an Order, pursuant to Rule 23 of the Federal Rules of Civil Procedure, certifying the case to proceed as a class action on behalf of a Class defined as follows:

ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED CLASS A AND CLASS C COMMON STOCK OF UNDER ARMOUR, INC. ("UNDER ARMOUR") BETWEEN SEPTEMBER 16, 2015 AND NOVEMBER 1, 2019, INCLUSIVE ("CLASS PERIOD").  EXCLUDED FROM THE CLASS ARE DEFENDANTS, PRESENT OR FORMER EXECUTIVE OFFICERS AND DIRECTORS OF UNDER ARMOUR AND THEIR IMMEDIATE FAMILY MEMBERS (AS DEFINED IN 17 C.F.R. §229.404, INSTRUCTIONS (1)(A)(III) AND (1)(B)(II)).

Lead Plaintiffs Aberdeen City Council as Administrating Authority for the North East Scotland Pension Fund, Monroe County Employees' Retirement System, and KBC Asset Management NV have been appointed Class Representatives.  This action has not been settled and continues to be litigated.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED.  On September 28, 2023, a Postcard Notice of Pendency of Class Action (the "Postcard Notice") was mailed to persons who purchased or otherwise acquired Under Armour common stock during the Class Period, as reflected on the books and records of the Company and its transfer agent.  The Postcard Notice contains important information regarding the rights of Class Members, including the right to seek exclusion from the Class and the legal implications and deadline for doing so.  If you believe you are a member of the Class as defined above, and you have not received a copy of the Postcard Notice by mail, you are urged to request a copy free of charge by mailing your request to:

Under Armour Securities Litigation
c/o Gilardi & Co. LLC
P.O. Box 301135
Los Angeles, CA  90030-1135

You may also download a copy of the Printed Notice at:

www.UnderArmourSecuritiesLitigation.com.

IF YOU ARE A CLASS MEMBER AND DO NOT EXCLUDE YOURSELF FROM THE CLASS, YOU WILL BE BOUND BY ALL ORDERS AND ANY JUDGMENT IN THE ACTION.  TO EXCLUDE YOURSELF FROM THE CLASS, YOU MUST SUBMIT A WRITTEN REQUEST FOR EXCLUSION POSTMARKED ON OR BEFORE NOVEMBER 27, 2023.

CLASS MEMBERS SHOULD NOT CONTACT DEFENDANTS, THE COURT, OR THE CLERK'S OFFICE REGARDING EXPLANATION OF THIS NOTICE.

SOURCE Robbins Geller Rudman & Dowd LLP