24 April 2024: Under Armour and Columbia ‘forced labour’ investigation launched by US
Under Armour has continued to buy vast quantities of clothes from Needle Craft despite the suicide reports and serious concerns about forced labour, which CBP defines as “work performed involuntarily and under menace of penalty”.
The sportswear giants Under Armour and Columbia have been hit by claims of forced labour in a factory making their clothes, after systemic abuse and exploitation allegedly led to a worker’s death by suicide, i can exclusively reveal.
In April 2024, US sportswear companies Under Armour and Columbia were linked to reports of forced labour in a factory making their clothes, after systemic abuse and exploitation allegedly led to a worker’s death by suicide.
Labor & working conditionsConfirmed
Kevin Plank announces $130 million restructuring and layoffs
Kevin Plank's Under Armour announces a $130 million restructuring plan involving layoffs.
Kevin Plank’s Under Armour Announces $130 Million Restructuring Plan and Layoffs
Corporate conductSettlement
Under Armour agreed to pay $9 million to settle SEC charges that it misled investors about revenue growth
sports apparel maker Under Armour has agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth, the agency said on Monday.
NEW YORK (AP) — Sportswear company Under Armour has settled with the Securities and Exchange Commission and agreed to pay $9 million in fines related to misleading its revenue growth to investors from the third quarter of 2015 through the fourth quarter of 2016, the agency said Monday.
Under Armour settles SEC charges for $9 million | AP News
Under Armour has agreed to cease and desist the practice, the SEC said in its filing.
Under Armour to pay $9 million to settle SEC charges
sports apparel maker Under Armour Inc has agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth, the agency said on Monday.
FILE PHOTO: Customers exit an Under Armour store in New York · Reuters
Under Armour to pay $9 million to settle SEC charges
WASHINGTON, May 3 (Reuters) - Sports apparel maker Under Armour Inc has agreed to pay $9 million to settle U.S. Securities and Exchange Commission charges that it misled investors about its revenue growth, the SEC said on Monday.
It’s possible that the SEC chose to file an administrative case rather than filing a lawsuit in federal court because of a lack of evidence that Under Armour failed to follow general accounting principles, said Eric Beste, a former prosecutor with the Department of Justice who worked with the SEC on accounting and fraud cases.
“When public companies describe how they achieved financial results, they must not misstate any information that is material to investors,” said Kurt Gottschall, director of the SEC’s Denver regional office, in Monday’s announcement. “Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business.”
“Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business.”
Under Armour agrees to pay $9 million to settle SEC probe into accounting practices – Baltimore Sun
NEW YORK (AP) — Sportswear company Under Armour has settled with the Securities and Exchange Commission and agreed to pay $9 million in fines related to misleading its revenue growth to investors from the third quarter of 2015 through the fourth quarter of 2016, the agency said Monday.
Under Armour Settles SEC Charges For $9 Million
Under Armour Settles SEC Charges For $9 Million - CBS Baltimore
Under Armour has agreed to cease and desist the practice, the SEC said in its filing.
U.S. sports apparel maker Under Armour has agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth, the agency said on Monday.
Under Armour to pay $9 million to settle SEC charges
sports apparel maker Under Armour has agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth, the agency said on Monday.
As a result of the conduct described above, Under Armour violated Section 17(a)(2) and (3) of the Securities Act, which prohibit any person from directly or indirectly obtaining money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, or engaging in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser, in the offer or sale of securities.
Under Armour on Sunday said the US Securities and Exchange Commission and the US Department of Justice had been investigating its accounting practices since 2017.
The sportswear brand Under Armour has announced that it has been under investigation by the US Securities and Exchange Commission and the US Department of Justice.
Under Armour said the U.S. Securities and Exchange Commission and the U.S. Department of Justice had been investigating its accounting practices since 2017.
BALTIMORE, May 3, 2021 – Under Armour, Inc. (NYSE: UA, UAA) (the “Company”) today announced that it has entered into a settlement with the U.S. Securities and Exchange Commission (the “SEC”), resolving a previously announced investigation related to disclosure and the impact of certain “pull forward” sales for the third quarter of 2015 through the fourth quarter of 2016.
UNDER ARMOUR ANNOUNCES SETTLEMENT OF PREVIOUSLY DISCLOSED SECURITIES AND EXCHANGE COMMISSION MATTER
As a result of the conduct described above, Under Armour violated Section 17(a)(2) and (3) of the Securities Act, which prohibit any person from directly or indirectly obtaining money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, or engaging in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser, in the offer or sale of securities.
Without admitting or denying the findings in the SEC's order, Under Armour agreed to cease and desist from further violations and to pay a $9 million penalty.
Under Armour has agreed to pay $9 million to settle the action.
Corporate conductAllegation
Under Armour accused of false FDA claims in ads
Under Armour is accused of advertising Ce lliant-infused products with false FDA-related language, while similar Redwave-infused product pages contained no such claims.
At root of the relevant portion of its Lanham Act claim, MET alleges that Under Armour advertised Ce lliant-infused products with false FDA -related language, where similar webpages selling Redwave- infused products contained no such language.
Corporate conductAllegation
Under Armour is accused of pulling forward sales to boost revenue
Under Armour is accused of pulling forward sales from future quarters to artificially boost revenue and meet aggressive sales goals.
The legal action alleges Under Armour's "concealed" practices included pulling forward sales from future quarters to artificially boost revenue and hit aggressive sales goals.
Corporate conductConfirmed
Under Armour created a misleading picture of financial drivers
Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business.
“Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business,” SEC Denver Regional Director Kurt Gottschall said in a statement.
Corporate conductRecall
Under Armour recalls infant jersey kits
Under Armour recalled infant sports jersey kits due to laceration and choking hazards.
Under Armour Retail Inc. artificially depressed its employees' overtime earnings and refused to compensate them for untaken meal and rest breaks, a worker alleged in a new lawsuit filed in California...
Corporate conductAllegation
Under Armour is accused of false advertising
Under Armour is accused of false advertising related to fake discounts.