Under Armour sinks after disclosing its accounting methods have been investigated
The Wall Street Journal says the probe is focusing on whether Under Armour inflated sales from quarter to quarter
04 November 2019 - 15:35
New York — Under Armour shares plunged after the company disclosed that federal officials have been probing its accounting practices for more than two years, bringing a fresh headache to investors just as the sports brand prepares for a CEO transition.
The athleticwear company also lowered its full-year revenue forecast on Monday, but it raised some other projections after posting solid third-quarter results. The shares pared their deep pre-market losses, down 12% to $18.60 at 7.21am in New York after falling as much as 20% earlier...
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