The Wall Street Journal reported that the U.S. Justice Department and the Securities and Exchange Commission are looking into whether the sportswear company shifted sales figures from quarter to quarter to in order to appear financially healthier.

Under Armour - whose celebrity ambassadors include The Rock and basketball star Stephen Curry - confirmed it's under investigation. It also defended its accounting practices and disclosures.

It would have otherwise been a brighter day for the Baltimore-based brand, which reported third-quarter earnings Monday that were ahead of Wall Street's expectations.

It did, however, cut its forecast for annual revenue for the second time this year.

Facing intense competition from Nike and Adidas, Under Armour is putting on a full court press: Last month, it announced CEO Kevin Plank - also its founder - would step down next year, becoming executive chairman.

He will be replaced by current operations head Patrik Frisk.