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Under Armor stock drops after receipt of SEC’s Wells Notice

Shares of Under Armor Inc. UA,
+ 0.71%
+ 2.01%
declined nearly 4% in premarket trading Monday, after the athletic equipment maker and seller revealed it received a “Wells Notice” from the US Securities and Exchange Commission, regarding its previously announced investigation into “pull-forward” sales registration practices . A “Wells Notice” is a letter that the SEC plans to institute enforcement action against the company. Under Armor previously disclosed that it has been investigated by the SEC regarding the use of pull forward sales or shifting sales between quarterly periods to meet sales targets. Under Armor states that its actions were appropriate and intend to continue the Wells Notice process. Class A shares have fallen 49.5% through Friday, while the S&P 500 SPX,
+ 0.49%
has slipped 0.5%.