In the Matter of Under Armour, Inc.
United States Securities and Exchange Commission
Administrative Proceeding No. 3-20278 (2021)
- Written by David Bloom, JD
Facts
Under Armour, Inc. (Under Armour) (defendant), a publicly traded company, reported consistent revenue growth that exceeded analyst estimates. When Under Armour began experiencing lower-than-expected revenues, Under Armour became concerned that reporting the lower revenues would hurt Under Armour’s stock price. Under Armour tried to avoid having to report lower revenues by accelerating existing orders for shipment of products in future quarters and making customers accept the product shipments sooner. In the ensuing quarters, Under Armour reported revenues that met analyst expectations but failed to disclose Under Armour’s practice of accelerating existing orders. The Securities and Exchange Commission commenced administrative proceedings against Under Armour.
Rule of Law
Issue
Holding and Reasoning ()
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