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Adidas Shareholders Sue Over Negligence of Kanye's Behavior
Adidas and Kanye West have been at odds since the termination of their collaboration and the Yeezy line in October 2022. However, according to CNN, Adidas shareholders have filed a class-action lawsuit against the sportswear brand, claiming that the company's leaders disregarded Kanye's anti-Semitic views and tolerated his conduct, which had a negative impact on the company's stock prices.
The lawsuit, filed on April 28, 2023, in the U.S. District Court for the District of Oregon, accuses Adidas executives, including former CEO Kasper Rørsted and CFO Harm Ohlmeyer, of enabling Kanye's actions and failing to take appropriate steps to minimize financial losses if the partnership came to an end. The lawsuit encompasses anyone who has acquired Adidas shares from May 3, 2018, when Kanye controversially stated that slavery was a "choice" until 2023.
Adidas has refuted the allegations, stating that they "categorically deny these baseless accusations and will use all necessary means to defend ourselves."
The impending lawsuit comes amid reports that Adidas is poised to lose $1.3 billion in revenue in 2023 and rumors that the company has agreed to sell the remaining $500 million worth of Yeezy clothing and footwear in collaboration with Kanye. It remains to be seen whether this legal action will have an impact on the rumored partnership. Stay tuned for further updates.
