UNDER Armour Inc is under investigation by U.S. federal law enforcement officials over whether the sportswear maker shifted sales from quarter to quarter to appear financially healthier, the Wall Street Journal reported on Sunday. The Baltimore-based company confirmed that it is under investigation and is cooperating with the Justice Department and U.S. Securities and Exchange Commission. It also defended its accounting practices and disclosures. The Journal, citing unnamed sources, said in its report https://www.wsj.com/articles/under-armour-is-subject-of-federal-accounti... that a criminal inquiry is being conducted by Justice Department prosecutors, who are also coordinating with civil investigators at the SEC. In July, Under Armour cut its full-year revenue forecast and said it expected a slight decline in North America revenue for fiscal 2019 as demand at its stores and online faced pressure from relentless competition from bigger rivals.

Source: New Strait Times November 04, 2019 00:22 UTC