Under Armour to settle class action lawsuit for $434m [Yahoo! Finance]
Under Armour, Inc. Class C (UA)
Last under armour, inc. class c earnings: 2/11 06:55 am
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Source: Yahoo! Finance
The lawsuit, filed in the US District Court for the District of Maryland, accused the company of improper sales and accounting practices. Under Armour, while consistently denying the allegations, has chosen to settle to avoid the costs and risks of continued litigation. The settlement is not an admission of fault or wrongdoing. The company will pay $434m to claimants who purchased Under Armour's publicly traded shares between 16 September 2015 and 1 November 2019. The brand has also agreed to implement two governance changes for a specified period. If the court approves the settlement, it will resolve all claims against Under Armour and other defendants. Under Armour chief legal officer and corporate secretary Mehri Shadman said: "We firmly believe that our sales practices, accounting practices and disclosures were appropriate, and deny any wrongdoing in this case. "Today's announcement allows us to move past this more than seven-year-old matter so we can avoid the ongo
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