Robbins Geller Rudman & Dowd LLP prevailed over motion to dismiss in Under Armpur Securities class action.
On May 18, 2021 the Honorable Richard D. Bennett of the United States District Court for the District of Maryland denied a motion to dismiss in In re Under Armour Sec. Litig. Aberdeen City Council as Administrating Authority for the North East Scotland Pension Fund is serving as lead plaintiff in this action.
The case alleges that Under Armour, Inc. and former CEO Kevin Plank violated §§10(b), 20(a), and 20A of the Securities Exchange Act of 1934 by making materially false and misleading statements and/or failing to disclose adverse information regarding Under Armour’s business and operations, including that the company’s revenue and profit margins were deteriorating as sales declined and the company engaged in a “pull-forward” revenue recognition scheme to mask the declining demand for its products. As a result of defendants’ false statements and/or omissions, Under Armour securities traded at artificially inflated prices.
The Robbins’ team included Robert R. Henssler (Picture), Jr., Matthew I. Alpert, Maureen E. Mueller, Mark Solomon, Jack Reise, Stephen R. Astley, Elizabeth A. Shonson, Juan Carlos Sanchez, Christopher R. Kinnon, and Andrew T. Rees.
Involved fees earner: Robert Henssler Jr. – Robbins Geller Rudman & Dowd; Matthew Alpert – Robbins Geller Rudman & Dowd; Stephen Astley – Robbins Geller Rudman & Dowd; Christopher Kinnon – Robbins Geller Rudman & Dowd; Maureen Mueller – Robbins Geller Rudman & Dowd; Andrew Rees – Robbins Geller Rudman & Dowd; Jack Reise – Robbins Geller Rudman & Dowd; Juan Carlos Sanchez – Robbins Geller Rudman & Dowd; Elizabeth Shonson – Robbins Geller Rudman & Dowd; Mark Solomon – Robbins Geller Rudman & Dowd;
Law Firms: Robbins Geller Rudman & Dowd;
Clients: Aberdeen City Council;