The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of adidas AG (OTC: ADDYY) who purchased securities between May 3, 2018 and February 21, 2023. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.
In particular, the adidas lawsuit alleges that (1) In addition to other misconduct, Kanye West made anti-Semitic comments in front of adidas staff, and even suggested naming an album after Adolf Hitler; (2) adidas was aware of his behavior, and failed to warn investors that it was aware of that behavior, and had considered ending the Partnership as a result of it; (3) adidas failed to take meaningful precautionary measures to limit negative financial exposure if the Partnership were to end as a result of West’s behavior; (4) adidas overstated the risk mitigation measures it took with regard to Yeezy shoes in the event that it terminated the Partnership; (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until June 27, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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