Adidas shareholders have launched a class action lawsuit alleging brand officials 'intended to deceive' investors by failing to disclose ongoing issues between the company and Ye.
, while declining to address Ye's specific comments about slavery, that there were clearly"some comments we don't support."
"Tellingly, Rorsted also stated that West and the Yeezy footwear brand are a 'very important part of our brand from a revenue standpoint and how we promote our products'," the lawsuit states. At the time, Rorsted had also said he had not considered dropping Ye in the prior 24 hours, it notes.
It said the company had generally alluded to risks involving individuals it was partnered with, instead of"stating that the Company had actually considered ending the Partnership as a result of West's personal behavior, or how the Company's reputation might be affected if his behavior as it related to the Company were to become public.
It said the company's 2019, 2020 and 2021 annual reports either had similar language regarding such potential risks or"otherwise failed to mention risks relating to the Partnership."Josh Cradduck
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