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Investor files lawsuits against Under Armour

Investor files lawsuits against Under Armour

Under Armour investors suffered significant losses as a result of what a shareholder's lawsuit called false and misleading statements about the company's prospects.

The sports apparel maker and some of its officers misrepresented the company's sales and growth in a drive to pursue competitors Nike, Reebok and Adidas, according to allegations in a securities fraud class action lawsuit filed Friday in U.S. District Court for Maryland. It represents investors who bought Under Armour's Class A and Class C common stock between April 21, 2016 and Jan. 30.

Defendants, including founder and CEO Kevin A. Plank and former CFO Lawrence P. "Chip" Molloy, "failed to disclose...