The class-action lawsuit says Adidas deceived investors by failing to warn them about the rapper’s “problematic behavior” before ending its Yeezy deal.
A group of investors has filed a class action lawsuit against Adidas, alleging the sportswear giant knew about‘s problematic “personal behavior” years prior to ending its partnership with the rapper but failed to warn them about it.
The complaint — representing people who acquired Adidas securities between May 3, 2018, and February 21, 2023 — also names Adidas’ former CEO,, as defendants, alleging the executives “employed devices, schemes and artifices to defraud” investors and that the company “failed to take meaningful precautionary measures to limit negative financial exposure” in the event the partnership was terminated as a result of West’s behavior.Filed Friday in U.S.
The suit also alleges that Adidas failed to make investors aware that the rapper made “offensive remarks at Company premises” and that the company’s publicly released reports between 2018 and 2021 did not acknowledge “serious issues affecting the partnership” in their “Business Partner Risk” sections. The sections did, however, acknowledge that “improper behavior” from entertainers and athletes representing the brand could have a “negative spill-over effect on the company’s reputation.
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