A popular sports clothing retailer is under investigation by the Justice Department and the U.S. Securities and Exchange Commission. Under Armour’s financial statements are being looked into to determine whether or not the company shifted sales to make it seem healthier. The retailer is struggling financially.
It’s losing sales to Nike and Adidas and even smaller brands like Fila and Puma are doing better than Under Armour. Although founder and CEO, Kevin Plank, stepped down last month, Under Armour firmly believes that its accounting practices and disclosures were appropriate.