Under Armour Inc (UAA) Chairman Kevin Plank and CFO David Bergman Received SEC 'Wells Notice'
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On July 22, 2020, each of Under Armour, Inc., Kevin A. Plank, the Company’s Executive Chairman & Brand Chief, and David E. Bergman, the Company’s Chief Financial Officer received a “Wells Notice” from the Staff of the U.S. Securities and Exchange Commission relating to the Company’s previously-disclosed SEC investigation.
The Wells Notices relate to the Company’s disclosures covering the third quarter of 2015 through the period ending December 31, 2016, regarding the use of “pull forward” sales in connection with revenue during those quarters. A pull forward generally includes a customer sale that is executed earlier than originally planned. Specifically, the SEC Staff is focused on the Company’s disclosures regarding the use of pull forward sales in order to meet sales objectives. The SEC Staff has not alleged any revenue recognition or other violations of generally accepted accounting principles relating to that or any other period.
A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. The Wells Notices informed the Company and the Executives that the SEC Staff has made a preliminary determination to recommend that the SEC file an enforcement action against the Company and each of the Executives that would allege certain violations of the federal securities laws.
The Company and the Executives maintain that their actions were appropriate and intend to pursue the Wells Notice process, which will include the opportunity to respond to the SEC Staff’s position, and also expect to engage in a dialogue with the SEC Staff to work toward a resolution of this matter.
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