- UCLA files a lawsuit against Under Armour (UA, UAA) for pulling out of a 15-year apparel deal with the school. UCLA is seeking more than $200M in damage after Under Armour ended the pact using a force majeure clause as the pandemic disrupted college sports.
- Under Armour attempted to back out of the UCLA deal after less than three years and with more than $200M left to be paid.
- "UCLA has met the terms of the agreement, which does not require that games in any sport be played on a particular schedule. We filed this lawsuit in order to support our student-athletes and the broader UCLA community, including the athletic department that has brought 118 national championships to Westwood," says UCLA Vice Chancellor Mary Osako.
- Shares of Under Armour are up 1.22% in premarket trading to $10.00. Less impressive is the five-year chart of Under Armour vs. Nike
