STSW Client Aberdeen City Council as Administrating Authority for the Northeast Scotland Pension Fund Re-Appointed as Lead Plaintiff in Putative Class Action Against Under Armour

On September 14, Judge Bennett of the U.S. District Court for the District of Maryland ordered that Aberdeen City Council as Administrating Authority for the Northeast Scotland Pension (“Aberdeen”) shall serve as lead plaintiff in a putative class action against Under Armour relating to the sale of securities that has been pending since 2017.

The court had dismissed Aberdeen’s second amended complaint last August, at which time, Aberdeen took an appeal to the Fourth Circuit. However, in October and November of 2019, new evidence came to light that the United States Justice Department and the SEC had been investigating Under Armour for essentially the same conduct as was at issue, and pled, in the second amended complaint. Aberdeen thereafter sought an indicative ruling from Judge Bennett that he would grant relief from the final judgment previously entered, and Judge Bennett granted that motion, causing the Fourth Circuit to remand the case.

In the interim, several other putative class actions were filed.

After a hearing, Judge Bennett reaffirmed that Aberdeen would serve as lead plaintiff, consolidated all other actions, and provided Aberdeen with the opportunity to file a third amended complaint.

Silverman Thompson serves as local counsel to Aberdeen. For more information, contact Bill Sinclair at 410.385.9116 or bsinclair@silvermanthompson.com.