Justice Dept., SEC investigate sportswear giant Under Armour

Nov. 4 (UPI) -- Federal investigators have interviewed people connected with U.S. footwear giant Under Armour as part of an investigation into the company's accounting practices.

Authorities are investigating to determine whether the company illegally shifted quarterly sales to inflate financial figures.

The U.S. Justice Department and the Securities and Exchange Commission are both participating in the investigation.

"The company began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures, and the company firmly believes that its accounting practices and disclosures were appropriate," a spokesperson for the Maryland-based company said.

The investigation comes after Under Armour founder and CEO Kevin Plank announced last month he will relinquish the role next year to become executive chairman and UA's brand chief. Patrik Frisk, the company's president and chief operating officer, will become CEO on Jan. 1.

Under Armour has performed poorly this year in the North American market, where revenues fell 3.2 percent in the second quarter. The company has lowered its forecast goals for 2019 sales.