Adidas is facing a class-action lawsuit from investors who allege the company knew about offensive remarks and harmful behavior from Ye, the rapper formerly known as Kanye West, years before ending its partnership with him.
The German sportsbrand cut ties with its star collaborator in late October, following Ye's antisemitic comments on social media and in interviews.At the time, Adidas said the company "does not tolerate antisemitism and any other sort of hate speech" and called Ye's remarks and actions "unacceptable, hateful and dangerous."
The lawsuit - which represents people who bought Adidas securities between May 3, 2018, and February 21, 2023 - also alleges that Adidas failed to take precautionary measures to limit financial losses if the Ye partnership were to end. The complaint also points to annual company reports from 2018 through 2021 which, the suit says, failed to disclose risks related to Adidas' partnership with Ye."We outright reject these unfounded claims and will take all necessary measures to vigorously defend ourselves against them," Adidas said Monday in a statement sent to The Associated Press.
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