July 27, 2020

CNBC Taps Marc Leaf for Insight on Under Armour’s “Wells Notice”

In the article “Under Armour reveals receipt of ‘Wells notice’ from SEC over sales probe,” CNBC turned to Corporate partner Marc Leaf for insight on Under Armour’s received notice of a possible enforcement action from the Securities and Exchange Commission (SEC) related to the accounting treatment of sales it booked between the third quarter of 2015 and the fourth quarter of 2016.

CNBC reports that on July 22, Under Armour, in addition to two executives — Kevin Plank, its former CEO and current executive chairman, and David Bergman, its current CFO — received Wells notices from the SEC related to a previously disclosed probe by the agency, the company said in an 8-K filing on July 27.

The company publicly maintains that its actions were “appropriate” and that it intends “to work toward a resolution of this matter” with the SEC.

Leaf weighed in on the matter, saying “the recipient of the Wells notice has the right to respond. And in this case I think they certainly will.”

“Maybe they settle this case,” he added.

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