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Under Armour to Settle Claims Over Past Financials With $434 Million Payment

·1 min

Under Armour has agreed to settle a long-running lawsuit for $434 million. The suit alleged that co-founder Kevin Plank misled investors about the company’s health. The settlement comes after a federal probe in 2017 examined allegations that the sportswear maker manipulated sales data to hide declining demand. Under Armour had a streak of 26 consecutive quarters of at least 20% year-over-year revenue growth that ended abruptly in 2016 when the company missed its sales targets.