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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.
By Syndicated Content
By Jonathan Stempel
(Reuters) â 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 shareholdersâ securities fraud claims were âplausible,â after taking into account Under Armourâs $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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