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Investigation for Investors in adidas AG (OTC: ADDYY, OTC: ADDDF) announced over potential Wrongdoing

04-28-2023 04:53 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in adidas AG (OTC: ADDYY, OTC: ADDDF) shares over potential wrongdoing at adidas AG.

An investigation on behalf of investors in adidas AG (OTC: ADDYY, OTC: ADDDF) shares over potential wrongdoing at adidas AG.

An investigation on behalf of investors in shares of adidas AG (OTC: ADDYY, OTC: ADDDF) was announced over potential breaches of fiduciary duties by certain officers and directors at adidas AG.

Investors who purchased shares of adidas AG (OTC: ADDYY, OTC: ADDDF) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain adidas AG officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On October 25, 2022, adidas AG ended its business partnership with Kanye West (under which it sold shoes designed by West under the brand name "Yeezy") as a result of his anti-Semitic rhetoric.
On November 27, 2022, The Wall Street Journal published an article entitled "Adidas Top Executives Discussed Risk of Staff's 'Direct Exposure' to Kanye West Years Ago." According to the article, as early as 2018, adidas executives discussed ending the business partnership with West as a result of his behavior. Reportedly adidas feared continuing the relationship with West, as they feared it could "blow up" at any moment.
On February 9, 2023 adidas AG announced that "while the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year." Further, "should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company's operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024. If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023." adidas' CEO stated, "[t]he numbers speak for themselves. We are currently not performing the way we should[.]"

Shares of adidas AG (OTC: ADDYY, OTC: ADDDF) declined from $87.58 per OTC: ADDYY shares on February 3, 2023, to $72.91 per OTC: ADDYY shares on February 21, 2023, respectively $175.94 per OTC: ADDDY share to $144.10 per ADDDY share on February 21, 2023.

Those who purchased shares of adidas AG (OTC: ADDYY, OTC: ADDDF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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