LOS ANGELES, June 23, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against adidas AG ("adidas" or the "Company") (OTC: ADDYY, ADDDF).
Class Period: May 3, 2018 – February 21, 2023
Lead Plaintiff Deadline:June 27, 2023
If you wish to serve as lead plaintiff of the adidas lawsuit, 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 shareholders@glancylaw.com 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, 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.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
