Under Armour Stock Down

Shares drop on news of accounting practices investigation
Posted November 5, 2019

Shares of Under Armour (Baltimore) stock fell yesterday on news that the athletic wear retailer in under investigation for its accounting practices despite 3Q earnings that exceeded estimates, according to Yahoo Finance.

Shares were down more than 16 percent on Monday after the retailer announced it was cooperating with the Securities and Exchange Commission and the U.S. Department of Justice.

“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,” a spokesperson for Under Armour told Yahoo Finance in a statement.