, /PRNewswire/ -- Under Armour, Inc. (NYSE: , UAA) today announced that it has entered into an agreement in principle to resolve the previously disclosed securities class action litigation pending in District Court for the District of ( ). This lawsuit was originally filed in 2017.
The company has consistently denied the accusations and entered into this agreement in principle, which is not an admission or finding of fault or wrongdoing, given the costs and risks inherent in litigation. Under the terms of the agreement, Under Armour will pay to settle claims brought on behalf of purchasers of Under Armour's publicly traded shares from , to . Under Armour has also agreed to two governance changes for a specified time period that are detailed in the company's 8-K filed with the SEC.
The settlement, if approved by the court, would resolve all claims against Under Armour and other defendants in this matter. "We firmly believe that our sales practices, accounting practices, and disclosures were appropriate, and deny any wrongdoing in this case," said , Under Armour's Chief Legal Officer and Corporate Secretary. "Today's announcement allows us to move past this more than seven-year-old matter so we can avoid the ongoing distraction of litigation and provide certainty to the business at a time when we are executing on important strategic priorities.
" The settlement is subject to definitive documentation and final court approval. The company intends to pay the settlement amount throu.
