April 3, 2018 - An investor of Under Armour Inc (NYSE: UA, NYSE: UAA) shares filed a lawsuit against certain directors of Under Armour Inc. over alleged breaches of fiduciary duties.

Baltimore, MD based Under Armour Inc reported that its annual Total Revenue rose from over $4.85 billion in 2016 to over $4.97 billion in 2017 and that its Net Income of $256.97 million in 2016 declined to a Net Loss of $48.26 million in 2017.

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.