Under Armour Faces First Securities Suit Over Federal Probes

Under Armour Inc. misled shareholders about government investigations into a practice of shifting sales from one quarter to the next to make the company’s finances appear healthier, a suit filed Nov. 6 in Maryland federal district court alleges.

The athletic apparel maker was under investigation and cooperating with the Justice Department and Securities and Exchange Commission since at least July 2017 but didn’t say a word to investors, the would-be class suit filed in the U.S. District Court for the District of Maryland said.

The sales shifting was meant to help Under Armour “keep pace” with its “long-running year-over-year 20% ...