LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of adidas AG (“adidas” or the “Company”) (OTC: ADDYY, ADDDF) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your adidas investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/adidas-AG/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On November 27, 2022, The Wall Street Journal reported that adidas’s senior leadership had discussed the risks of continuing a relationship with Kanye West as far back as 2018. On this news, ADDDY fell $2.02, or 3.1%, to close at $62.34 per share, while ADDDF fell $0.81, or 1%, to close at $126.44 per share on November 28, 2022, thereby injuring investors.
Then, on February 9, 2023, adidas stated that it expected sales to fall at a high single-digit rate in currency-neutral terms because of the “significant adverse impact of not selling the existing stock” of Yeezy products and that failure to sell the stock of Yeezy would lower Company revenue by 1.2 billion euros (or about $1.29 billion), and operating profit by 500 million euros. On this news, ADDYY fell $7.40, or 9%, to close at $75.16, while ADDDF fell $21.83, or 13.2%, to close at $143.23 per share on February 9, 2023.
Then, on February 21, 2023, S&P Global announced that it was downgrading adidas in part because of the impact of adidas terminating its relationship with Kanye West. On this news, ADDYY fell $3.56, or 4.6%, to close at $73.59, while ADDDF fell $4.85, or 3.2%, thereby injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding adidas should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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