Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Under Armour, Inc. (NYSE: UA).
On November 3, 2019, media outlets reported that the Justice Department and the Securities and Exchange Commission was investigating the Company’s revenue recognition practices and whether it had shifted sales from quarter to quarter to make them appear stronger. The Company subsequently confirmed the probe, which it had been cooperating with since July 2017, but declined to provide additional details. Then, on November 14, 2019, The Wall Street Journal reported that the Company had utilized a range of sales and shipping tactics to reach sales goals and hide slowing demand, according to former company executives.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws.
KSF’s investigation is focusing on whether Under Armour’s officers and/or directors breached their fiduciary duties to Under Armour’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Under Armour shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.