Under Armour confirmed Sunday night that its under a federal probe for its accounting practices, following a story published Sunday evening in the Wall Street Journal, but said its practices are appropriate. The U.S. Justice Department and the Securities and Exchange Commission are both looking into the company, according to the report, which relied on unnamed people familiar with the probe.
But the company said Sunday night, that it is cooperating with the U.S. Securities and Exchange Commission and the U.S. Department of Justice investigations. The company began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures, and the company firmly believes that its accounting practices and disclosures were appropriate, a company spokesperson told TheStreet in a statement.
. Under Armour reports its third quarter earnings Monday. Last month, Under Armour said that chief executive and founder Kevin Plank would step down and get replaced by, Patrik Frisk, who had been president and chief operating officer on Jan. 1. ,..