Under Armour Inc. has agreed to pay the Securities and Exchange Commission $9 million to settle charges that it mislead investors in the second half of 2015 by “pulling forward” $408 million in sales the company expected to complete in future quarters, the regulator said Wednesday.
“By using pull forwards for several consecutive quarters to meet analysts’ revenue targets while attributing its revenue growth to other factors, Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business,” said Kurt Gottschall, director of the SEC’s Denver office, in a statement.
Under Armour settled the charges without admitting or denying the findings in the SEC’s order and agreed to cease and desist from further violations of securities laws.
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