The Law Offices of Frank R. Cruz Announces Investigation of adidas AG (ADDYY, ADDDF) on Behalf of Investors
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of adidas AG (“adidas” or the “Company”) (OTC: ADDYY, ADDDF) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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, ADDDY 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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If you purchased adidas securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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. Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.comwww.frankcruzlaw.com
