Susquehanna lowered its rating for Under Armour shares to negative from neutral, saying the company's CEO recent comments on President Donald Trump will hurt its financial results.
This morning, he responded in an open letter to Baltimore which appeared as a full-page advertisement in The Baltimore Sun.
"To have a pro-business president is something that is a real asset for the country", Under Armour CEO Kevin Plank told CNBC on February 7 interview. "People should grab that opportunity". Under Armour is also seeing ballerina Misty Copeland and Dwayne "The Rock" Johnson speak out against Plank's comments. "The company had issued two separate statements last week, the first stressing the company's desire for fair trade, tax reform and an inclusive immigration policy", and another on Friday saying the company opposes the administration's travel ban.
"I personally believe that immigration is the foundation of our country's exceptionalism", Plank said in the letter.
Plank closed out the letter by giving examples of how the company's values have been demonstrated by what they have already done. "With an anticipated new executive order on immigration set to come out, we will join a coalition of companies in opposition to any new actions that negatively impact our team, their families or community". The class action suit alleges that while outwardly stating that the company was thriving, CEO Kevin Plank sold a large chunk of his individual stock to minimize his personal losses from the companies failures.
"We have made an extraordinary commitment to Baltimore", Plank wrote, "both by doubling down on our company's presence and our investment in this city, and by making unprecedented commitments to education, workforce development, and local hiring".