SEC Signals To Under Armour Its Sales Are Under Scrutiny
Law360 (July 27, 2020, 4:39 PM EDT) -- Under Armour Inc. said Monday it has received a Wells notice from the U.S. Securities and Exchange Commission regarding a probe into past accounting practices, a move that signals the SEC could file an enforcement action against the sports apparel maker.
Baltimore-based Under Armour said the notice, sent to the company and its Executive Chairman Kevin Plank and Chief Financial Officer David Bergman, addresses financial disclosures made from the third quarter of 2015 through 2016 regarding its use of "pull forward" sales.
A "pull forward" sale refers to a customer sale that is executed earlier than originally planned. Under Armour said...
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