Grabar Law Office has filed a derivative action brought on behalf of the public stockholders of Under Armour, Inc. (“UAI” or the “Company”) against the current members of UAI’s Board of Directors (the “Board”) and certain current and former officers of the Company (collectively, the “Defendants”) for their knowing, conscious, and intentional failure: (1) to adhere to accepted accounting principles regarding revenue recognition, which resulted in materially false and misleading public statements by the Company; and (2) to advise the investing public for nearly two-and-a-half years that the Company was under investigation by the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) for its accounting practices. On behalf of UAI, this action seeks damages and corporate governance reforms to remedy the Defendants’ breaches of fiduciary duties
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