Under Armour to pay $434 million to settle lawsuit over sales disclosures
CNN
Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts.
Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts. The proposed settlement, subject to court approval, averts a scheduled July 15 trial in Baltimore federal court. The shareholder lawsuit accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health. In 2021, the Baltimore-based company had agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth. The SEC in its investigation found that Under Armour failed to disclose to investors that it employed a sales tactic to accelerate or “pull forward” a total of $408 million in existing orders in the second half of 2015. Mark Solomon, lead counsel for the shareholders and a partner at litigation firm Robbins Geller Rudman & Dowd, called the proposed settlement an “important win” that underscored the key role of pension funds in holding companies accountable.
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