The U.S. Securities and Exchange Commission (SEC) is levying $9.0 million in fines on Under Armour for “misleading investors as to the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects.” The misdeeds occurred over a year and a half, from the third quarter of 2015 to the fourth quarter of 2016. To conceal its failure to meet the revenue estimates of certain analysts and internal sales projections for North America, the SEC says in its press release, UA “accelerated, or ‘pulled forward,’ a total of $408 million in existing orders that customers had requested be shipped in future quarters.” In doing so, the company violated the antifraud provisions of the Securities Act of 1933 and certain reporting provisions of federal securities laws. The SEC reacted to complaints that UA’s management had been pushing out unsold inventories to retailers and off-price retail channels to inflate its financial reports, showing that its sales had been growing by more than 20 percent a year in consecutive quarters. The company has agreed to the settlement without admitting or denying the findings, but noted that the SEC confirmed that UA did not infringe on GAAP reporting regulations and that no action will be enforced against its executive chairman, Kevin Plank, and a former chief financial officer, David Bergman.