Civil Plaintiff

Under Armour to Pay $9 Million in Settlement with SEC Accounting Probe

Under Armour will pay $9 million to settle federal regulators’ charges that it misled investors about its sales growth in 2015 and 2016 to meet analysts’ revenue targets.

For six consecutive quarters beginning in the third quarter of 2015, the Baltimore-based sports apparel brand “pulled forward” a total of $408 million in existing product orders that customers, such as retailers, had requested be shipped in future quarters, the U.S. Securities and Exchange Commission found in an order released Monday.

Under Armour had confirmed in November 2019 that its accounting methods were being investigated by both the SEC and the U.S. Department of Justice.

Read the source article at Baltimore Sun

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