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Under Armour’s Strong Q3 Eclipsed by News of Federal Probe

Under Armour founder
Photo Credit: Dcavalli via Wikimedia Commons cc

As Under Armour CEO Kevin Plank prepares to step down, the company saw its shares fall 15% on the news that the federal government is conducting a probe into its accounting practices. Under Armour announced that it was cooperating with the investigations of the Securities and Exchange Commission and the Justice Department. The announcement largely eclipsed the good news Under Armour delivered after the third quarter: revenue and profit were better than expected, though the company did lower its forecast.

“The company continues to believe its accounting practices and related disclosures were appropriate,” Under Armour said in a statement late Sunday…

Read the full story at CBS News.