Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of investors of adidas AG (“adidas” or “the Company”) (OTC: ADDYY, ADDDF). adidas investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/addyy.
The investigation concerns whether adidas violated federal securities laws.
On October 25, 2022, adidas ended its partnership with Kanye West on the “Yeezy” brand name. The Company announced on February 9, 2023, that while it “continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around €1.2 billion and operating profit by around €500 million this year.” The Company also said that, “should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional €500 million this year. In addition, adidas expects one-off costs of up to €200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024. If all these effects were to materialize, the company would expect to report an operating loss of €700 million in 2023.”
If you are aware of any facts relating to this investigation or purchased adidas shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/addyy. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005734/en/
Contacts
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com
