A lawsuit was filed by an investor in Under Armour Inc (NYSE: UA, NYSE: UAA) shares over alleged wrongdoing at Under Armour.
San Diego, CA -- (SBWIRE) -- 05/01/2018 -- An investor of Under Armour Inc filed a lawsuit against certain directors over alleged breaches of fiduciary duties.
Investors who purchased shares of Under Armour Inc (NYSE: UA, NYSE: UAA), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that the CEO of Under Armour Inc breached his fiduciary duty to the company and shareholders and unjustly enriched himself through his Port Covington development, hundreds of acres along the Patapsco River in South Baltimore slated to become a $5.5 billion mini-city and Under Armour's global headquarters. The plaintiff says that CEO of Under Armour Inc used Under Armour's commitment to anchor the development to attract at least hundreds of millions, if not billions, of dollars in public and private investments to his development project. The plaintiff alleges that CEO of Under Armour Inc profited from the sale of land to Under Armour Inc and that millions of dollars in tax incentives and public financing that will go to the CEO's development firm belonged to Under Armour Inc.
Furthermore, the plaintiff alleges that through the CEO's control over the company and its board, he directed over $70 million to himself and entities controlled by him in improper and unfair related party transactions and used Under Armour Inc as a valuable building block for his Port Covington development without fairly compensating Under Armour Inc.
Those who purchased shares of Under Armour Inc (NYSE: UA, NYSE: UAA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego