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4 mentions found


☆ Under Armour to pay $434 million to settle lawsuit over sales disclosures
  + stars: | 2024-06-21 | by ( ) edition.cnn.com   time to read: +2 min
Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts. The shareholder lawsuit accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health. In 2021, the Baltimore-based company had agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth. Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility. The company expects its total accrual in legal proceeding contingencies related to the lawsuit to reach $434 million during the first quarter of fiscal year 2025, from $100 million at the end of fiscal 2024.
Persons: Armour, averts, Kevin Plank, Mark Solomon, Robbins Geller Rudman, Dowd Organizations: Securities, Exchange Commission, SEC Locations: Baltimore
☆ Wells Fargo, a juicy target, sparks lead counsel fight among shareholder firms
  + stars: | 2023-09-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com   time to read: +7 min
Meanwhile, yet another plaintiffs' firm, Robbins, is deep into a similar derivative suit against Wells Fargo board members in San Francisco Superior Court. But it’s worth noting that in 2022, Wells Fargo won the dismissal of a previous shareholder derivative suit accusing the board of regulatory compliance failures. Kessler said its complaint, which includes "detailed" and "substantial" references to Wells Fargo internal documents, was more likely to withstand a dismissal motion from the bank. Scott + Scott told Tigar that it had the most up-to-date documents from Wells Fargo because it brought a Section 220 demand after the $3.7 billion CFPB agreement. I would not be surprised to see a rival derivative suit filed in Delaware Chancery Court by one of the shareholder firms spurned by Tigar.
Persons: Cromwell, Wells Fargo, Wells, Robbins Geller Rudman, Dowd, Kessler Topaz Meltzer, Scott, Scott –, They're, Jon Tigar, Robbins, Wells Fargo’s, Kessler Topaz, Kessler, Robbins Geller, Tigar, Robbins Geller didn’t, Randall Baron, board's, Andrew Cheng, Read Organizations: Sullivan, U.S . Consumer Financial Protection Bureau, U.S . Office, Currency, OCC, Wells, U.S, District, San Francisco Superior Court, Tigar, Wells Fargo, San Francisco, Thomson, Reuters Locations: Oakland, Wells Fargo, San Francisco, Wells, San, California, Delaware Chancery
☆ Wells Fargo agrees to pay $300 mln to settle with shareholders over auto insurance disclosures
  + stars: | 2023-02-07 | by ( Jody Godoy | Thomson Reuters | Jody Godoy Reports On Banking | ) www.reuters.com   time to read: +2 min
"While we disagree with the allegations in this case, we are pleased to have resolved this legacy issue," a Wells Fargo spokesperson said in a statement. Wells Fargo disclosed in July 2017 that hundreds of thousands of customers had been unnecessarily charged for "collateral protection insurance," which covers auto lenders when borrowers are uninsured. The bank also concealed auto insurance issues from the U.S. Senate Banking Committee in November 2016, the investors alleged. Wells Fargo settled an auto borrower class action in 2019 for $386 million without admitting wrongdoing. In 2018, Wells Fargo agreed to pay $1 billion to U.S. regulators to settle probes of its auto insurance and mortgage practices.
☆ Palantir accused of securities fraud in class-action suit after the company did not profit from 'armed conflicts' and 'economic crises' as claimed
  + stars: | 2022-09-22 | by ( Caroline Haskins | ) www.businessinsider.com   time to read: +4 min
A lawsuit alleges that Palantir made "materially false and misleading statements" about the company ahead of its earnings reports released May 9. The complaint says that the COVID-19 pandemic and Russo-Ukrainian War are the "destabilizing conditions" that Palantir had said would be "tailwinds for its business." A Palantir investor hit the company with a suit seeking class-action status on September 15, alleging that the software company committed securities fraud by making "materially false and misleading statements" by claiming "armed conflicts" and "economic crises" would help its business and earnings. "As a result, the Company's public statements were materially false and misleading at all relevant times," the complaint says. The law offices of Howard G. Smith also announced it was launching an "investigation" into possible violations of US securities law.
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