Under Armour is the subject of federal investigations by the Justice Department and Securities and Exchange Commission over its accounting practices, the company confirmed Sunday.
“The company began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures, and the company firmly believes that its accounting practices and disclosures were appropriate,” an Under Armour spokesperson told CNBC in an e-mail.
The Justice Department is conducting a criminal investigation and is coordinating with civil investigators at the SEC, according to The Wall Street Journal, which first reported the story.
