A former vice president for Under Armour has filed a lawsuit against the firm seeking at least $3.14 million, saying he was wrongly terminated and has been denied access to his stock in the company.
Tom Walsh, who joined the Baltimore apparel company in 2008, says in a filing in Baltimore Circuit Court that he was let go without explanation in early August. He held the title of vice president for global store development.
In the lawsuit, Walsh says he was “not given any prior notice or warning of termination written or otherwise” and “still has not received any written letter setting forth the reason for the termination.”
He also says the company has improperly withheld his access to $785,000 in stock options.
Under Armour spokeswoman Kelley McCormick Jenkins said the company would not comment on pending litigation.
Walsh says in the lawsuit that his position has not been filled, and that he believes he was let go as part of the company’s recent restructuring that saw “legacy executives” cut.
In September, a month after Walsh was terminated, Under Armour announced it would slash 400 positions, or about 3 percent of its global workforce. It was the latest phase in a restructuring that began last year after the fast-growing company stumbled toward the end of 2016 amid intense competition, closures of key retailers and changing consumer tastes in the sports apparel category.
But Walsh added that the company also made “vague allegations and claims of an investigation” against him. The court papers don’t spell out what he may have been accused of, and Walsh said any such claims would be unfounded or unsubstantiated.