Under Armour says it's under federal investigation over its accounting practices

Reuters/AI Project

• Sportswear brand Under Armour has announced that the company has been under investigation by the US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) since July 2017. 
• In a statement, the company said it was "cooperating" with the probes and stressed that it "firmly believes that its accounting practices and disclosures were appropriate."
• Sources told The Wall Street Journal that federal authorities are looking into whether the sportswear brand "shifted sales from quarter to quarter to appear healthier." 
• The company has experienced trouble in recent years including a recent revenue drop and a surplus of unsold merchandise totalling $1.3 billion.
• Visit BusinessInsider.com for more stories.

Under Armour on Sunday said that the US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) have been investigating its accounting practices since July 2017. 

An Under Armour spokesperson said in a statement to Business Insider that it was "cooperating" with the probes and stood behind its accounting disclosures: 

See the rest of the story at Business Insider

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SEE ALSO: As Under Armour's longtime CEO steps down, here's how the company went from a new hotshot sportswear brand taking on Nike to having a wholly uncertain future

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