NEW YORK, NY / ACCESSWIRE / October 21, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Under Armour, Inc. ("Under Armour" or the "Company") (NYSE:UA). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Under Armour and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 9, 2024, Under Armour issued a press release "announc[ing] an update to its Fiscal 2025 restructuring plan, including additional initiatives to optimize the company's strategic supply chain capabilities and overall business performance." Among other items, Under Armour advised that "[f]ollowing further evaluation" of charges to be incurred "in connection with its Fiscal 2025 restructuring plan", Under Armour "now expect approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred in Fiscal 2025 and Fiscal 2026". Accordingly, Under Armour updated its fiscal 2025 outlook, projecting an operating loss in the range of $220 million to $240 million, compared to previous guidance of $194 million to $214 million.
On this news, Under Armour's stock price fell $0.69 per share, or 9.61%, to close at $6.49 per share on September 10, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP