NEW YORK Under Armour said Monday that it received a warning from U.S. regulators that the company and two of its executives could be punished over past accounting practices. The two executives who received the notice were founder Kevin Plank and Chief Financial Officer David Bergman. A Wells Notice is a warning that a company or individual could face enforcement action. Under Armour said in the filing that the actions of the company and its executives were appropriate and that they are responding to the SEC. Plank, who founded Under Armour in 1996, stepped down as CEO last year and is the companys executive chairman and brand chief.

Under Armour CEO Kevin Plank is stepping down at the end of the year. - Under Armour's accounting practices are under investigation in the United States, heaping pressure on the struggling company as it seeks to reverse years of lackluster sales. "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," said a spokesperson for Under Armour. The Wall Street Journal was first to report on the investigations into the company's accounting practices. Under Armour announced last month that founder Kevin Plank is stepping down as CEO.

Current CEO Kevin Plank is resigning and will be replaced by Chief Operating Officer Patrik Frisk, who will assume the position on Jan. 1, 2020, the company announced Tuesday. Plank, who has served in the CEO role since the company's founding in 1996, will serve as an executive chairman and brand chief. In a release, Plank called Frisk the "right person" to be Under Armour's CEO. In its most recent earnings report, Under Armour's sales in the region declined 3% compared with a year ago. According to the article, executives and employees, including Plank, attended strip clubs with athletes and co-workers over the years.

(CNN) - Under Armour CEO Kevin Plank is defending his company's hometown after President Donald Trump attacked Democrat Elijah Cummings, whose congressional district includes Baltimore, and criticized the city. Plank posted an old commercial on his personal Instagram account Sunday showing Under Armour's adoration of the Maryland city. Under Armour launched that marketing campaign in 2017 to become more engaged with Baltimore. He stepped down from Trump's American Manufacturing Council in 2017 after the president didn't directly criticize neo-Nazis, the KKK and other white supremacists at a Charlottesville, Virginia rally. "I think there is blame on both sides," Trump previously said and equated the white supremacists on one side with the "alt-left" on the other side.