Under Armour, Inc.
Company Name | Under Armour, Inc. |
Stock Symbol | UA |
Class Period | August 03, 2016 to November 01, 2019 |
Lead Plaintiff Motion Deadline | January 06, 2020 |
On November 3, 2019, The Wall Street Journal reported that the U.S. Department of Justice and Securities and Exchange Commission were investigating Under Armour’s accounting of revenue and related disclosures. The investigations concern whether the Company “shifted sales from quarter to quarter to appear healthier.” Though Under Armour had reported at least 20% year-over-year revenue growth for 26 straight quarters, the Company missed its sales targets in the final quarter of 2016 and has been struggling with weak sales and restructuring ever since.
On this news, the Company’s Class C shares fell $3.47, or over 18%, to close at $15.44 per share and Class A shares fell $4.00, or nearly 19%, to close at $17.14 per share on November 4, 2019, thereby injuring investors.
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