Under Armor closes the judicial process for tax fraud. The American fashion and sporting goods company has reached an agreement with the District Court of Maryland, for which it will pay 434 million dollars (405.8 million euros)as reported in a statement.
Under Armor thus closes the judicial procedure, open since 2017. The investigation analyzed the accounts between 2015 and 2017 and accused the company of artificially raising the price of its shares with false statements, omitting information that negatively impacted its business and hiding its evolution and its operations. Under Armour, despite the agreement, still denies the accusations.
The agreement must now be approved by the judge with the documentation provided. Under Armor had already provisioned $100 million for contingencies, and will use its $1.1 billion revolving credit line and $859 million in cash.
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