Something is rotten in the state of Denmark ... Trivial penalty for false reporting to US stock market to boost share prices


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This is the tip of the iceberg and is just one example of a company penalized a trivial amount for false reporting of its revenue.

The US stock market is racing to new highs while the US GDP is still struggling below 2019 values. There is evidently false reporting of revenue and earnings growth because earnings and profit growth are far ahead of GDP growth.

How could the GDP be negative relative to 2019 and US companies are reporting record profits.

There is a big con game in progress.

In the article below Under Armour falsified its revenue by $408 million and was fined only $9 million. That is corrupt.

Come back, Bernie Madoff. You were a minnow in a shark pool.

Under Armour settles $9 million SEC fines over misleading revenue growth
By Mychael Schnell - 05/03/21 09:22 PM EDT 32

Under Armour announced Monday that it reached a settlement with the U.S. Securities and Exchange Commission to pay $9 million in fines over misleading its revenue growth to investors between 2015 and 2016.
According to the SEC filing, Under Armour used the “pull forward” method to accelerate existing orders that customers requested be shipped in future quarters, in an effort to close the gap between internal forecasts and analysts’ revenue estimates.

The SEC says the company pulled forward approximately $408 million in orders from the third quarter of 2015 through the fourth quarter of 2016.

The agency noted that Under Armour would have missed analysts' revenue estimates in the stated time period if it had not pulled forward orders.
The SEC filing also wrote that Under Armour made “positive statements” about its revenue growth rate and the factors contributing to the rate, without revealing the “significant impact on revenue from its use of pull forwards.”
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