Beijing Business Daily News (Reporter Liu Zhuolan and Hu Jingrong) On June 24th, Beijing Business Daily learned that American sports brand Andema recently announced that it has reached an agreement to pay $434 million to settle a class action lawsuit that has lasted for several years. It is understood that this lawsuit began in 2017, when shareholders of Andemar accused Andemar and its CEO Kevin Planck of intentionally misleading shareholders, providing false information about the company's financial situation, exaggerating the company's revenue growth to meet market expectations.
According to the settlement proposal, this amount exceeding $400 million will be used to resolve the plaintiff's claim and avoid the trial originally scheduled for July 15th in the Baltimore Federal Court. This settlement agreement still requires final approval from the court. Despite agreeing to the settlement, Andma still insists on denying the plaintiff's allegations and stating that this settlement does not acknowledge or determine any fault or improper behavior of the company.