Under Armour Defeats Suit Alleging Founder Self-Dealing

Under Armour Inc. defeated a shareholder suit alleging its founder and controlling stockholder Kevin Plank steered the company into a series of unfair deals with his other companies to enrich himself, after a federal court in Maryland found insufficient proof of board oversight.

The allegations failed to overcome the presumption that the board of directors’ investigation of the deals was reasonable and done in good faith, the U.S. District Court for the District of Maryland said.

Plank’s real estate company, Sagamore Development Co., sold land in 2016 to Under Armour for its global headquarters for $70.3 million, twice what ...