A lawsuit was filed on behalf of investors in Under Armour Inc (NYSE:UAA) shares over alleged securities laws violations and NYSE:UAA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/14/2017 -- An investor, who purchased shares of Under Armour Inc (NYSE:UAA), filed a lawsuit in Maryland over alleged violations of Federal Securities Laws by Under Armour Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Under Armour Inc (NYSE:UAA) have certain options and for certain investors are short and strict deadlines running. Deadline: April 10, 2017. NYSE:UAA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that between April 21, 2016 and January 30, 2017, Under Armour Inc 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.
The plaintiff claims that instead, Under Armour Inc promoted itself as a growth company that would continue to develop and market game-changing products and that Defendants' allegedly false statements and/or omissions caused Under Armour Inc common stock to trade at artificially inflated prices between April 21, 2016 and January 30, 2017
On January 31, 2017, Under Armour Inc reported its fourth quarter and fully year results and announced its outlook for 2017. Under Armour Inc reported that its annual Total Revenue rose from over $3.96 billion in 2015 to over $4.82 billion in 2016 and that its Net Income increased from $232.57 million in 2015 to $258.66 million in 2016. Among other things, Under Armour Inc announced that its Chief Financial Officer, Chip Molloy, has decided to leave the company due to personal reasons.
Shares of Under Armour Inc (NYSE:UAA) declined from over $80 per share in early 2016 to as low as $20.44 per share on February 3, 2017
On February 10, 2017, NYSE:UAA shares closed at $21.60 per share.
Those who purchased shares of Under Armour Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com