Under Armour Inc shareholders may pursue a lawsuit accusing the sports apparel company of concealing how it pulled sales forward from future quarters to meet Wall Street revenue forecasts, the subject of a recent regulatory settlement, a federal judge ruled on Tuesday.
The UNDR ARMR x DVNLLN collection will be available online and in the company's brand houses across North America on Feb. 5.
Under the six-year sponsorship agreement in principle, Nike will supply uniforms, footwear, apparel and equipment to 22 of UCLA's 25 varsity athletic teams, while the Jordan Brand will outfit the college's Bruins football team and men's and women's basketball programs with its "Jumpman" product.
Under Armour is set to sell the MyFitnessPal platform to Francisco Partners for about $345 million, the company announced Friday.
The company expects to incur $550 million to $600 million in charges during its restructuring in fiscal 2020.
Under Armour reported a second-quarter loss of $182.9 million as COVID-19 shut stores and drained 41 percent from revenue
The Wall Street Journal reported in November 2019 that the SEC and the Justice Department were investigating the company's accounting practices to determine whether the company shifted sales from quarter to quarter to appear healthier, according to people familiar with the matter.
Under Armour acquired MyFitnessPal for $475 million in February 2015.
The Baltimore-based company said "we have been paying for marketing benefits that we have not received for an extended time period."
Under Armour's new UA Sportsmask sold out in less than an hour, the CEO said.
The temporary layoffs will impact about 6,000 employees at Under Armour’s full-price and discount outlet stores, and about 600 workers at its U.S. distribution centers. The changes take effect on April 12.
Additional details are expected on Tuesday
Under Armour is an operationally better company following its transformation over the past few years, CEO says.
Under Armour shares were down sharply ahead of the opening bell.