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Under Armour, Inc. Settles Securities and Exchange Commission Enforcement Action Targeting Undisclosed Practice of Pulling Sales Forward to Obscure Gaps in Projected Quarterly Revenues Friday, June 4, 2021
On May 3, 2021, the Securities Exchange Commission ( S.E.C. ) announced that sports apparel heavyweight Under Armour, Inc. (“Under Armour”) will pay a $9 million dollar penalty to the S.E.C. to settle an enforcement action for alleged antifraud violations of the Securities Act of 1933 as well as reporting violations under federal securities laws following charges that Under Armour misled investors regarding its annual revenue growth and failed to disclose uncertainties in its future revenue projections to investors.