A spokesman for the SEC declined to comment, while the Justice Department did not immediately respond to an email seeking comment. The news comes less than two weeks after Under Armour announced that its founder, Kevin Plank, would step down as chief executive on Jan. 1, after 23 years at the company. ADADUnder Armour, a longtime darling of sportswear, got its start in 1996, when Plank began selling athletic apparel from his grandmother’s basement. Quarterly sales began slipping in 2017, amid mounting competition from rivals such as Nike and Adidas. The Wall Street Journal first reported the news of the federal investigation on Sunday, saying that authorities were looking into “whether the sportswear maker shifted sales from quarter to quarter to appear healthier.”AD

Source: Washington Post November 04, 2019 01:07 UTC