The SEC says the sneaker firm used $408 million in pulled-forward orders to meet revenue estimates for six consecutive quarters.
The sneaker company says David Bergman received a Wells Notice indicating he is facing an enforcement action over its accounting practices.
"We are making progress toward our transformation of running a more operationally excellent company while amplifying the power of the Under Armour brand."
After a tough Q3, a 47% surge in international sales helped revenue beat estimates in Q4 but North America showed another decline.
The company's "days of glory, when it would post double-digit uplifts in sales, are over," one analyst says.
The athletic wear company's "chilly" performance in North America "means the company as a whole has caught a cold."
