NEW YORK, Nov. 11, 2017 (GLOBE NEWSWIRE) -- Stull, Stull & Brody (“SS&B”) reminds investors that a class action lawsuit is pending in the United States District Court for the District of Maryland on behalf of purchasers of stock of Under Armour, Inc. (“Under Armour” or “Company”) (NYSE: UAA ), between September 16, 2015 and January 30, 2017 (the “Class Period”).
During the same period of time, Company employees were purchasing stock in the Under Armour, Inc. Employee Stock Purchase Plan (the “ESPP”). SS&B is investigating whether Under Armour’s registration statement filed with the Securities and Exchange Commission that allowed the ESPP to purchase Under Armour stock violated Section 11 of the Securities Act of 1933 by omitting material facts and otherwise containing inaccurate, misleading and untrue statements of fact pertaining to, among other things, Under Armour’s prospects.
The complaint filed alleges, among other things, that the Company’s carefully cultivated image as a fast-growing, cutting-edge sports brand and a legitimate challenger to industry leaders was misleading. The case further alleges that faced with declining demand and excess inventory due to unsold products, Under Armour abandoned its fundamental sales philosophy of competing on brand strength over price, instead resorting to lowering prices and offering promotions, and the Company had to liquidate excess inventory at steep discounts.
If you participated in Under Armour’s ESPP during the Class Period, your rights may be affected. If you purchased or acquired Under Armour stock in the ESPP during the Class Period, and you wish to discuss this your rights or have any questions concerning this notice or your rights or interests, please contact Michael Klein, Esq. of SS&B at UAA@ssbny.com , telephone 212-687-7230 x147, or by fax to 212-490-2022.
SS&B has litigated class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. SS&B has offices in New York and Beverly Hills. SS&B’s website ( www.ssbny.com ) has additional information about the firm.
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