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Under Armour shareholders can sue over sales disclosures -judge - Netscape Money & Business


Under Armour shareholders can sue over sales disclosures -judge
By Jonathan Stempel
Reuters
(Reuters) - Under Armour Inc shareholders may pursue a lawsuit accusing the sports apparel company of concealing how it pulled sales forward from future quarters to meet Wall Street revenue forecasts, the subject of a recent regulatory settlement, a federal judge ruled on Tuesday.
U.S. District Judge Richard Bennett in Baltimore said the shareholders securities fraud claims were plausible, after taking into account Under Armour s $9 million civil settlement on May 3 with the Securities and Exchange Commission.
The SEC had found that the Baltimore-based company misled investors by not disclosing that significant portions of its revenue and revenue growth resulted from its having accelerated sales orders over six quarters in 2015 and 2016. ....

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Under Armour shareholders can sue over sales disclosures -judge


By Syndicated Content
By Jonathan Stempel
(Reuters) – Under Armour Inc shareholders may pursue a lawsuit accusing the sports apparel company of concealing how it pulled sales forward from future quarters to meet Wall Street revenue forecasts, the subject of a recent regulatory settlement, a federal judge ruled on Tuesday.
U.S. District Judge Richard Bennett in Baltimore said the shareholders’ securities fraud claims were “plausible,” after taking into account Under Armour’s $9 million civil settlement on May 3 with the Securities and Exchange Commission.
The SEC had found that the Baltimore-based company misled investors by not disclosing that significant portions of its revenue and revenue growth resulted from its having accelerated sales orders over six quarters in 2015 and 2016. ....

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Council pension fund in legal fight with Under Armour


BBC News
Published
image captionUnder Armour has previously said the legal challenge was without merit
Aberdeen City Council has sought damages from a US sportswear brand after a local government pension fund lost millions of pounds.
The North East Scotland Pension Fund (NESPF) administers a scheme for 71,000 workers including Aberdeen, Aberdeenshire and Moray council staff.
The fund invested millions of pounds in Under Armour stock in recent years.
Aberdeen City Council lawyers have accused the firm of making alleged false statements about its products.
Under Armour, whose accounts have been the subject of investigations by US authorities, has been asked for a comment. ....

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