ADDYY Investors Have Opportunity to Lead adidas AG Securities Fraud Lawsuit

LOS ANGELES, June 15, 2023

Class Period: May 3, 2018 – February 21, 2023

Lead Plaintiff Deadline: June 27, 2023

If you are a shareholder who suffered a loss, click here to participate.

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, ADDYY 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.