Manufacturer of sportswear Under Armor Inc. has agreed to pay $ 9 million to settle US securities and stock exchange commission costs that they misled investors, the agency said Monday. of its revenue increase and failed to disclose known uncertainties about its future revenue outlook.
The SEC said that during the second half of 2015, Under Amour's internal revenue and revenue for the third and fourth quarters of the same year began to run short of analysts' revenue estimates.
The SEC stated in its statement that the company, for example, did not meet internal sales forecasts for North America, and warm winter weather negatively affected sales of its more expensive cold weather clothing.
The agency said that in response, for six consecutive quarters beginning in the third quarter of 201
The SEC said the company could not reveal that its growing reliance on these moves forward raised significant uncertainty as to whether it would meet its revenue guidance in future quarters.
The SEC accused Under Armor of violating federal security laws. The agency said it agreed to pay a $ 9 million fine without acknowledging or denying the results of the SEC's order, and that it agreed to discontinue and waive further violations.
The company did not respond to a request for comment.