Under Armour Share Classes

Under Armour has three share classes. The B-class is held by the founding owner (Kevin Plank), giving him control of about 65% of the voting rights. The A-class and C-class shares are both publicly traded, with the C-class having no voting rights. While this should imply a lower valuation, the C-class shares are trading at a 25%+ discount, which is more than expected. So, some hedge funds are undertaking a long-short arbitrage, going long in the C-class and short in the A-class. See article here, WSJ.