Under Armour Inc. said a pair of top executives has been named in a federal probe of the company's accounting, sending shares of the athletic-wear maker down.

Founder Kevin Plank and CFO David Bergman received Wells Notices informing them that the U.S. Securities and Exchange Commission (SEC) is likely to "allege certain violations of the federal securities laws," Under Armour said Monday in a regulatory filing. Under Armour also received a notice informing it that the agency may file an enforcement action against the company.

The disclosure expands upon comments from the company in November, when it revealed that it had been under federal investigation for more than two years. The situation has roiled the Baltimore-based company as it has grappled with lackluster sales amid the coronavirus pandemic and a CEO change, with Plank handing the reins to Patrik Frisk earlier this year.

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