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Under Armour to pay $434 million to settle 2017 lawsuit

2024.06.21 17:50

(Reuters) – Under Armour (NYSE:) said on Friday it would settle a 2017 shareholder class action lawsuit that accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health.

© Reuters. FILE PHOTO: The ticker symbol and company logo for Under Armour, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 22, 2019. REUTERS/Brendan McDermid/File Photo

Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility.

Under Armour added it has consistently denied the accusations and entered into this agreement in principle, which is not an admission or finding of fault or wrongdoing.



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