Under Armour agrees to pay $434M to settle 2017 class action lawsuit over revenue misrepresentation.
Under Armour has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the company of defrauding shareholders by misrepresenting its revenue growth to meet Wall Street forecasts. The settlement, subject to court approval, avoids a trial scheduled for July 15 in Baltimore federal court. Under Armour plans to pay the settlement amount through cash on hand and its $1.1 billion revolving credit facility. The company has consistently denied the accusations and maintains that this agreement is not an admission or finding of fault or wrongdoing.
June 21, 2024
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