Us Sportswear Giant Under Armour Was Investigated For Accounting Behavior.

Beijing time 4 news, the US sports apparel giant Under Armour (18.91, 0.41, 2.22%) confirmed on Sunday that it was being investigated by the US Department of justice and the securities and Exchange Commission (SEC) for improper accounting practices.

A spokesman for the company said that Under Armour began responding to requests for documents and information related to its accounting activities and related disclosures in July 2017. The company is cooperating with the two surveys and considers its accounting behavior and disclosure appropriate.

It is reported that the US Department of justice is conducting a criminal investigation of the company and coordinating with SEC's civil investigators.

Due to fierce competition from rivals such as Nike (89.18, -0.37, -0.41%), Adidas and Lululemon, Under Armour's US business has not performed well recently. In 2018, its sales in North America dropped by 2% to $3 billion 700 million.

In addition, the management of the company is also facing turbulence. Between 2016 and 2017, the company replaced three CFO, which is currently in the transformation of management.

Kevin Plank, the founder and CEO of the company, announced last month that it plans to step down in January 1st next year, and its position will be replaced by the current chief operating officer, Patrik Patrick (Patrik Frisk), in January 1st. Planck will continue to serve as chairman and brand director of the company.