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Federal investigators probe Underneath Armour’s accounting

Underneath Armour Inc. is being investigated by federal authorities over its accounting practices.

The athletic gear firm mentioned Sunday that it has been cooperating with the U.S. Securities and Alternate Fee and the U.S. Division of Justice on their investigations for 2 years.

The corporate mentioned it firmly believes its accounting practices and disclosures had been applicable.

Underneath Armour experiences earnings for the third quarter Monday.

The investigation was first reported by The Wall Avenue Journal, which mentioned the probe includes whether or not the retailer shifted gross sales from quarter to quarter to make outcomes seem stronger.

Underneath Armour founder Kevin Plank stepped down as CEO final month. The corporate has struggled since its explosive gross sales progress petered out in 2017. Final yr it introduced job cuts as a part of a restructuring effort.

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