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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.

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