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From: Webster's Revised Unabridged Dictionary (1913)

 Found·er v. i. [imp. & p. p. Foundered p. pr. & vb. n. Foundering.]
 1. Naut. To become filled with water, and sink, as a ship.
 2. To fall; to stumble and go lame, as a horse.
 For which his horse fearé gan to turn,
 And leep aside, and foundrede as he leep.   --Chaucer.
 3. To fail; to miscarry. “All his tricks founder.”