Under Armour pays SEC $9 million for allegedly misleading investors

Under Armour has agreed to pay $9 million to settle charges by the Securities and Exchange Commission that it misled investors.

The SEC alleged that the sports apparel maker failed to tell investors that it was pulling forward scheduled sales from future quarters — and counting them as completed orders in order to meet Wall Street revenue expectations, a violation of antifraud provisions. The feds said the company began to use the so-called “pull forward” tactic in the second half of 2015, when a warm winter hurt sales of its more expensive cold weather clothing, and continued for six quarters, affecting $408 million in sales.