Shares tumble after executives named in a US federal probe of the company’s accounting
Customers exit an Under Armour store in New York, the US. Picture: REUTERS/BRANDAN McDERMIDUnder Armour said on Monday 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 athletic wear maker plunging.
The disclosure expands upon comments from the company in November, when it revealed that it had been under federal investigation for more than two years. The situation has roiled the company as it has grappled with lacklustre sales amid the coronavirus pandemic and a CEO change, with Plank handing the reins to Patrik Frisk earlier in 2020.
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