Under Armor Announces Settlement of Previously Leaked SEC Case
Under Armor, Inc. (NYSE: UA, UAA) (the “Company”) today announced that it has entered into an agreement with the United States Securities and Exchange Commission (the “SEC”), resolving a previously announced investigation relating to the disclosure and impact of certain pull forward sales from the third quarter of 2015 to the fourth quarter of 2016.
Under the settlement, the company agreed to pay a civil monetary penalty of $ 9 million, in addition to other non-monetary settlement terms. This regulation relates to information provided by the company and does not include any claim by the SEC that sales during these periods did not comply with generally accepted accounting principles. The company has neither admitted nor denied the SEC accusations. The settlement resolves all of the SEC’s outstanding claims. SEC staff confirmed that they did not intend to recommend that any enforcement action be taken against the company’s executive chairman, chief financial officer or any other member of management in connection with this investigation.
The company has previously announced that it is also responding to requests for documents and information from the US Department of Justice (the “DOJ”). The Company has not received any requests from the DOJ since the second quarter of 2020.
About Under Armor, Inc.
Under Armor, Inc., headquartered in Baltimore, Maryland, is a leading inventor, distributor and distributor of branded athletic performance clothing, footwear and accessories. Designed to help advance human performance, Under Armor’s innovative products and experiences are designed to make athletes better. For more information, please visit http://about.underarmour.com.