Under Armour Falls After Founder, CFO Are Named in SEC Probe
- Investigation covers ‘pull-forward sales’ in 2015 and 2016
- Company and executives say their actions were appropriate
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Under Armour Inc. said a pair of top executives, including founder Kevin Plank, has been named in a federal probe of the company’s accounting, sending shares of the athleticwear maker down.
Plank and Chief Financial Officer David Bergman received Wells Notices informing them that the U.S. Securities and Exchange Commission is likely to “allege certain violations of the federal securities laws,” Under Armour said Monday in a regulatory filing. Under Armour also received a notice informing it that the agency may file an enforcement action against the company.