ADIDAS SHAREHOLDERS HAVE FILED A LAWSUIT AGAINST THE COMPANY FOR ITS FAILED COLLABORATION WITH KANYE WEST

Adidas shareholders have launched a class action lawsuit against the company for failing to notify investors about the antisemitism and aggressive behavior of Kanye Omari West, a famous American singer and fashion designer.

Adidas was also accused by the shareholders of taking significant precautionary measures to prevent negative financial exposure if the collaboration ended.

The lawsuit doesn't name the rapper, who now goes by Ye. The suit covers anyone who bought an Adidas share from May 3, 2018 (when Ye made the slavery remark) until 2023.

According to a report from that year, Adidas was typically pointing to the risks "rather than stating that the company had actually considered terminating the partnership due to West's personal behavior." Adding that during his TMZ interview at the time, Ye emphasized that slavery was a choice.

Adidas' former Chief Executive Officer Kasper Rorsted and Financial Officer Harm Ohlmeyer have been named as defendants.

The rapper, now known as Ye, is not named in the case. The complaint applies to everyone who purchased an Adidas share between May 3, 2018 (when Ye made the slavery remark) and 2023.

Adidas responded to the action in a statement on Monday, calling it "unfounded claims."

Remember that Adidas canceled its nearly decade-long connection with West in October 2022 when Ye appeared in public wearing a "White Lives Matter" T-shirt. Days later, Ye stated, "I can make anti-Semitic remarks and Adidas will not drop me" during a podcast session.

Adidas said it canceled its association with Ye because it "doesn't tolerate antisemitism or any other type of hate speech," and that his views were "hateful, dangerous, and unacceptable."

Adidas warned in February that it will lose $1.3 billion in income in 2023 due to its inability to sell the designer's Yeezy clothes and shoes.

He stated that after watching her gesture at him during his performance at Davido's concert, he proclaimed on social media that he wanted to meet her and challenged his crew with finding her.