Under Armour, Inc. – SEC Investigation Update


Under Armour, Inc. – UA:  SEC Investigation Update.

To access the full report, click on the PDF (previously only available to clients).

On 03-Nov-2019, the Wall Street Journal ran this story --
Under Armour Is Subject of Federal Accounting Probes Justice Department, SEC examining how sportswear maker recorded revenue; company says it is cooperating with investigators.

Probes Reporter was early in warning about this risk.  Below is an excerpt of our latest SEC Investigation Update, published 20-Aug-2019  --

An undisclosed SEC investigation is again confirmed. The first Freedom of Information Act (FOIA) response indicating an SEC investigation was dated 05-Jul-2017. On-going enforcement proceedings confirmed on appeal multiple times since, most recently on 31-Jul-2019. For this reason, Under Armour, Inc. remains on our Watch List of companies with confirmed, undisclosed SEC investigations.

We now have clear evidence that Under Armour did not disclose two SEC investigations from the recent past, one of which remains ongoing as of 31-Jul-2019. Further, we now have a document that shows the SEC investigated Under Armour for the data breach disclosed in Mar-2018.  That SEC investigation, which was never disclosed, ended on 15-Oct-2018.  The danger that remains for investors is an older investigation that dates back to the summer of 2017.

To access the full report click the link above. 

To learn more on our process and what our findings mean, click here.