NewYork (CNN Business) Under Armour's two highest-ranking executives received a notice that they could face civil charges for past accounting practices. In a regulatory filing Monday, the sportswear company said the US Securities and Exchange Commission sent a "Wells Notice" on July 22 to its former CEO Kevin Plank , who also serves as its executive chairman, and its Chief Financial Officer David Bergman. The notice relates to recorded sales between the third quarter of 2015 and the fourth quarter of 2016. The company used a "pull forward," which is when it registered a "customer sale that is executed earlier than originally planned," according to the filing. That's usually done to meet sales objectives and is not in and of itself a violation of any SEC rules.

Source: CNN July 27, 2020 13:30 UTC