Under Armour agrees to pay $434M to settle securities class action

Under Armour, Inc.

Company and Kevin Plank settle In re Under Armour Securities Litigation for $434M; no admission of fault.
Settlement includes separate Chair and CEO roles for at least 3 years and performance-based vesting for top execs.
Total accrual to reach $434M in Q1 FY2025 from prior $100M; expects to pay from cash or borrowing.
Cash $858.7M as of Mar 31, 2024; $1.1B revolver undrawn; less than 20% expected from D&O insurance.
Class period Sept 16, 2015 – Nov 1, 2019 covers purchasers of UAA and UA common stock.

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