Performance Sports Group confirmed Tuesday that it expects its $650 million credit facilities to be in default when it fails to file its annual report with the Securities and Exchange Commission on time.

As of its fiscal third quarter ended Feb. 29, Performance Sports Group had $449.7 million drawn against its $650 million credit facilities and $2.5 million in cash.

The Canada-based sports equipment manufacturer said Monday that a recently launched internal probe into its financial statements was responsible for the delay.

Separately, PSP was named as the defendant in an amended shareholder suit filed in New York on Monday.

The suit alleges that PSG made “false and misleading statements” that “artificially inflated” the stock price over a 14-month period ended March 14.

Shares of PSG gained 13 percent Tuesday, closing at $2.09 — regaining some of the 33 percent drop the stock experienced Monday.

Representatives from PSG did not immediately respond to requests to comment.