Acushnet Buyback Case Against Fila Targets Delaware Law Overhaul

Fila Holdings Corp. affiliates orchestrated a stock buyback scheme that let them maintain their control over golf equipment maker Acushnet Holdings Corp. while selling millions of shares, according to a lawsuit unsealed Monday.

A pension fund is suing the Korean sportswear conglomerate, now called Misto Holdings Corp., saying it’s effectively using Acushnet’s corporate coffers to preserve its majority stake while cashing out 7 million shares worth $400 million. Acushnet’s board “has worked hand-in-hand with Fila to carefully calibrate the repurchase program to ensure Fila’s ownership always stays just above 50%,” according to the court filing.

The investor suit is ...