Under Armour is undergoing a federal investigation of its accounting practices. “I’m calling it illegal, I’m calling it unethical, I’m calling it disgraceful,” MadMoneyOnCNBC's JimCramer says about the company not disclosing the investigation earlier.
on Monday reported quarterly earnings and sales that topped analysts' estimates, but the company trimmed its revenue outlook for the full year, citing "traffic challenges."
The lowered guidance and Under Armour's confirmation of a federal probe of its accounting practices sent the retailer's shares plunging more than 18%. The stock, which once hovered around $50, closed Monday at $17.14. Under Armour said it now expects revenue to be up roughly 2% in fiscal 2019, compared with a prior range of up 3% to 4%. Analysts had been calling for annual revenue growth of 3.1%.
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