Under Armour on Monday agreed to pay $9 million to settle charges brought by the Securities and Exchange Commission (SEC) concerning accounting practices by the sports apparel company that rendered statements it made misleading.
According to the SEC’s order, when Under Armour’s revenue forecasts for the third and fourth quarters of 2015 indicated shortfalls from analyst estimates, the company began to “pull forward existing orders that customers had requested be shipped in future quarters that could be completed in the current quarter to close the gap.”
