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Under Armour paying $9M for SEC probe resolution
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WASHINGTON — Under Armour Inc. agreed to pay $9 million to settle regulatory claims that it failed to disclose that it was pulling forward orders from future quarters, a practice that allowed it to meet Wall Street's revenue estimates.
UNDER ARMOUR INC
The Baltimore-based apparel company resolved the Securities and Exchange Commission investigation without admitting or denying wrongdoing, the SEC said Monday. The Wall Street Journal reported in 2019 that federal officials were examining whether the sportswear maker shifted sales from quarter to quarter to appear healthier.
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The SEC doesn't plan to take any enforcement action against Kevin Plank, the company's co-founder and executive chairman, or Chief Financial Officer David Bergman, Under Armour said in a press release. Under Armour previously disclosed that the two men had been told they could be sued by the SEC.
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