Under Armour (UA) Shares Slammed on DoJ Investigation Over Accounting Practices
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Under Armour (NYSE: UA) (NYSE: UAA) shares are down nearly 17% in pre-open trade Monday following reports over the weekend from the WSJ that the company is under investigation by U.S. federal law enforcement officials over whether it shifted sales from quarter to quarter to appear financially healthier.
The company confirmed that it is under investigation and is cooperating with the Justice Department and SEC. The company also defended its accounting methods.
An Under Armour spokesperson said, "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."
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