Maryland Business Litigation Lawyer Blog
On Friday, June 21, 2024, Under Armour announced that, subject to court approval, it had settled a pending securities class action in the United States District Court for the District of Maryland. The settlement closes a case originally filed in February 2017, which had twice been dismissed with prejudice before finding new life after it was reported in the fall of 2019 that the Securities & Exchange Commission and United States Department of Justice had fined Under Armour for the conduct alleged here. That announcement proved the tipping point in the case, as thereafter, Judge Richard Bennett allowed the case to return from the United States Court of Appeals for the Fourth Circuit (where the dismissal had been on appeal), reversed himself on the dismissal, and ultimately certified a class and denied summary judgment and Under Armour’s motions in limine. The case was scheduled to begin a two-plus-week jury trial on July 15, 2024.