Under Armour revealed in a regulatory filing Monday that its accounting practices are the subject of a pending enforcement action by the Securities and Exchange Commission (SEC).
The Baltimore-based athletic wear manufacturer and two of its executives received Wells Notices from the regulator, which indicate SEC staff have made a preliminary determination suggesting enforcement action against an entity or individual. A Wells Notice is not a formal charge, nor does it represent a final determination. The executives facing potential discipline are Kevin A. Plank, Under Armour’s executive chairman & brand chief, and David E. Bergman, the chief financial officer.
