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NEW YORK, April 03, 2017 -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Under Armour, Inc. (NYSE:UA), (NYSE:UAA) who purchased shares between July 24, 2014 and January 30, 2017. The action, which was filed in the United States District Court for the District of Maryland, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the class period Under Armour and certain of its officers and directors 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 of its high inventory levels at The Sports Authority, 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 [the Company’s] fourth quarter results.” The Company also reported that its CFO was leaving the Company. Following this news, shares of Under Armour fell approximately 26% to close at $21.49 per share on January 31, 2017.
Shareholders have until April 10, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/under-armour-inc.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Joseph Klein, Esq. Empire State Building 350 Fifth Avenue 59th floor New York, NY 10118 Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com
