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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.
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.
Biden Nominates Two Judges from Silver Spring to Maryland U.S. District Court
The two women President Joe Biden nominated to sit on the Maryland U.S. District Court had their hearings before the U.S. Senate’s Committee on the Judiciary Wednesday morning. Both have ties to Silver Spring.
U.S. Claims Court Judge Lydia Griggsby of Silver Spring currently serves as chair of the Court’s Committee on Legislation and Policy and is a member of the Court’s Management Committee. She is a life-long Maryland resident. If confirmed by the Senate, Judge Griggsby would be the first Black woman to serve as a U.S. District Court Judge for the District of Maryland.