Adidas Snatches SCOTUS Securities Decision for Same-Day Brief

A US Supreme Court decision disallowing liability to shareholders for “pure omissions” of adverse business trends in an SEC filing is gaining traction, with Adidas AG citing it in a brief seeking dismissal just hours after it was issued.

The filing comes in a securities case against Adidas in the US District Court for the District of Oregon over its partnership with controversial rapper and designer Kanye West, known as Ye. The lead investor “relies primarily on a purported duty to disclose under European Union disclosure guidelines—a theory that is entirely foreclosed by the Supreme Court’s decision” in Macquarie Infrastructure ...