The sportswear company confirmed on Sunday it is under criminal investigation by the Justice Department and U. S. Securities and Exchange Commission over allegations of improper accounting practices.
on Sunday it is under criminal investigation by the Justice Department and U.S. Securities and Exchange Commission over allegations of improper accounting practices.on Sunday, which claimed the firm was being investigated to see whether it had shifted sales and expenses between quarters in a bid to bolster earnings.
In response, Under Armour confirmed in a statement on Sunday that it is"cooperating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice investigations," and that it it began to respond to"requests for documents and information relating primarily to its accounting practices and related disclosures" from July 2017.
The company defended itself adding that it believed its “accounting practices and disclosures were appropriate.”: Under Armour has faced a tumultuous past few years. Last month its CEO and founder, Kevin Plank,after more than twenty years at the helm and handed the baton to Patrik Frisk who will take over in 2020. Following a golden era of impressive sales and revenue growth, the firm has in recent years struggled to compete with rivals such as Nike in the U.S.
But financial troubles aren’t the only ones eating away at the firm—facing accusations of being a “boys club,” Under Armour hired a new Chief People and Culture Officer in a bid to improve gender balance in senior roles. It also said it would"do better" last year after it emerged that senior executives, including Plank, would often visit: Under Armour will report its third-quarter earnings on Monday.
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