November 04, 2019

The Wall Street Journal Turns to Marc Leaf for Insight into Under Armour Accounting Probe

In The Wall Street Journal’s coverage of an accounting probe involving Under Armour, the publication turned to New York partner Marc Leaf for insight into the company’s responsibilities to investors.

The publication reported that the Justice Department and the Securities and Exchange Commission are examining the sportswear maker’s revenue-recognition practices and whether it shifted sales from quarter to quarter to make them appear stronger.

After The Wall Street Journal published the article, Under Armour said that it is cooperating with investigators and that it began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures.

On the earnings call, an analyst asked how significant the investigation was and why investors were “just hearing about it now.”

Leaf told The Wall Street Journal, “if the company feels like it has the better argument, and that the investigation isn’t going to turn up an allegation of a violation, then they are justified in not disclosing it.”

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