Under Armour Falls Most Since July as U.S. Probes Accounting
- Federal officials have been investigating practices since 2017
- Founder Kevin Plank plans to hand over the reins in January
Photographer: Justin Sullivan/Getty Images
This article is for subscribers only.
Under Armour Inc. shares plunged after the company disclosed that federal officials have been probing its accounting practices for more than two years, bringing a fresh headache to investors just as the sports brand prepares for a CEO transition.
The athleticwear company also lowered its full-year revenue forecast on Monday, but it raised some other projections after posting solid third-quarter results. The shares fell as much as 17%, the most since July 30, to $17.65 in New York trading.