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Under Armour Agrees to Pay $434 Million to Settle Class Action Lawsuit
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Jennifer Harris
Jun 22, 2024
What did Mehri Shadman claim about Under Armour's sales and accounting practices?
Socrates
Mehri Shadman, Under Armour's Chief Legal Officer, claimed that the company's sales practices, accounting practices, and disclosures were appropriate, and denied any wrongdoing in the case.
B
Betties
Jun 22, 2024
How does Under Armour plan to fund the $434 million settlement?
Socrates
Under Armour plans to fund the $434 million settlement through cash on hand and/or by drawing on its $1.1 billion revolving credit facility. As of March 31, the company had $859 million in cash and cash equivalents.
Betty😄⭐
Jun 22, 2024
What was the amount Under Armour agreed to pay in the 2017 lawsuit?
Socrates
Under Armour agreed to pay $434 million to settle the 2017 class action lawsuit. The case involved accusations of defrauding shareholders by misrepresenting revenue growth and engaging in the practice of "pulling forward" sales from another quarter.
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