November 3, 2019 / 11:05 PM / 15 days ago

Under Armour faces federal probe over accounting practices - WSJ

Nov 3 (Reuters) - Under Armour Inc is being probed by U.S. federal law enforcement officials, examining whether the sportswear maker shifted sales from quarter to quarter to appear healthier, the Wall Street Journal reported on Sunday.

A criminal Inquiry is being conducted by U.S. Justice Department prosecutors, who are also coordinating with civil investigators at the U.S. Securities and Exchange Commission, the report here added, citing a source.

Under Armour did not immediately respond to a request seeking comment outside regular business hours.

Last month, Under Armour said longtime Chief Executive Officer Kevin Plank was stepping down from the role next year, handing the reins of the sportswear maker to operations head Patrik Frisk, in an attempt to help battle brutal competition from Nike Inc and Adidas AG in the United States.

Reporting by Mekhla Raina in Bengaluru; Editing by Peter Cooney

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