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Under Armor says the US is testing its accounting practices



The sportswear manufacturer acknowledged in a statement on Sunday that it faces probes from the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

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Shares in Under Armor ( UA ) fell 14% in trading on premarkets on Monday to close to $ 18.10. The company was worth more than $ 50 per share at the end of 2015. Under Armor is scheduled to report third-quarter results prior to Monday's opening clock.
The Wall Street Journal should first report on the investigations of the company's accounting practices. According to the journal, the Justice Department is conducting a criminal case on whether Under Armor moved sales from quarter to quarter to make the company healthier. The US Department of Justice declined to comment.

Under Armor last month, founder Kevin Plank announced his resignation as CEO. He will be replaced by Chief Operating Officer Patrik Frisk on January 1, 2020. Plank will become CEO and brand manager.

Leadership abuse comes after the company suffered from weaker sales and lost ground to rivals, including Nike [19659006] ( NKE ) and Adidas ( ADDDF ) . Smaller brands like Fila and Puma are also thriving.

-— Jessica Schneider and Josh Girsky contributed reporting.


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