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Under Armour’s accounting practices are under federal investigation.
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The athletic gear company said Sunday that it has been cooperating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice on their investigations for two years.
The company said its accounting practices and disclosures were appropriate.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UA | UNDER ARMOUR INC | 18.91 | +0.41 | +2.22% |
Under Armour reports earnings for the third quarter Monday.
The probe involves whether the retailer shifted sales from quarter to quarter to make results appear stronger, according to the Wall Street Journal which first reported the investigation.
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Spokespeople for the Justice Department and SEC declined to comment.
Company founder Kevin Plank said last month that he would be stepping down as CEO on Jan. 1, replaced by company president Patrik Frisk.
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Under Armour has struggled since its explosive sales growth petered out in 2017. Last year it announced job cuts as part of a restructuring effort.
The Associated Press contributed to this article.
