Under Armour’s (NYSE:UAA) founder Kevin Plank forged an unusual relationship with television anchor Stephanie Ruhle that included trips on his private jet, access to confidential company information and a secret phone reserved just for their communications, court records show.
The records, filed last week in connection with a shareholder lawsuit the athletic apparel company is facing in Maryland federal court, show that Ruhle, who was a Bloomberg reporter at the time, advised the company when it was facing negative coverage. Ruhle is now a nighttime anchor for MSNBC. Plank and Ruhle’s relationship previously came up in media coverage in 2019.
In January 2016, when Morgan Stanley published a research report that downgraded Under Armour’s stock and reduced its price target, Ruhle asked the apparel company’s executives for data that would contradict the report – and then advised they send it to media outlets.
″[T]his content is perfect just in case anyone decides to cover the Morgan [Stanley] thing – it combats any risk of negativity,” Ruhle wrote in the email, according to the filings.
That afternoon, Ruhle questioned the Morgan Stanley report on Bloomberg’s air and referenced data points that Plank had gathered.
A couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle “look at that stock!!!” and then helped her arrange an interview with basketball player and Under Armour athlete Stephen Curry the following day, records show.
UAA shares docked 10 cents, or 1.3%, early Wednesday to $7.64
