CLASS ACTION UPDATE: LAW OFFICE OF BRODSKY & SMITH, LLC REMINDS INVESTORS OF DEADLINE IN CLASS ACTION AGAINST UNDER ARMOUR, INC. (NYSE: UA and UAA)

BALA CYNWYD, November 13, 2019 /Access Wire/ – Law office of Brodsky & Smith, LLC reminds investors of the deadline to file to be a lead plaintiff regarding claims against Under Armour, Inc. (“Under Armour” or the “Company”) (NYSE – UA/UAA – News) for possible breaches of Federal Securities law.

According to the filed complaint, the Class Period commences on August 3, 2016, when Under Armour filed its quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2016. On November 3, 2019, The Wall Street Journal reported on U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) investigations into Under Armour’s accounting practices and related disclosures.  The article noted that the investigation concerns whether Under Armour shifted sales from quarter to quarter to appear healthier.  That same day, Under Armour confirmed to The Wall Street Journal that it had been cooperating with the DOJ and SEC since July 2017.

Following this news, Class C shares of Under Armour (UA) fell $3.47 per share, or 18.35%, to close at $15.44 per share and Class A shares of Under Armour (UAA) fell $4.00 per share, or 18.92%, to close at $17.14 per share on November 4, 2019.

The filed complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Under Armour shifted sales from quarter to quarter to appear healthier, including to keep pace with their long-running year-over-year 20% net revenue growth; (2) Under Armour had been under investigation by and cooperating with the DOJ and SEC since at least July 2017; and (3) as a result, the defendants’ statements about Under Armour’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased shares of Under Armour between August 3, 2016 and November 1, 2019 and wish to discuss the legal ramifications of  the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is January 6, 2020. You may contact Marc Ackerman, Esquire or Jordan Schatz, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.