At its third-quarter earnings call earlier this week, Under Armour, Inc., seemed to be scrambling to respond to reports the U.S. Department of Justice and the Securities and Exchange Commission launched inquiries into the company’s accounting practices and disclosures back in 2017 that are still ongoing.
Breaking from their “typical company policy of not discussing any regulatory or litigation matters,” Under Armour CFO David Bergman confirmed the company is the subject of an investigation but said “we firmly believe” that accounting practices and disclosures are and have been “appropriate.” Meanwhile, the company’s stock has continued to plummet.
