Adidas AG (OTC:ADDYY) ADDDF initiated a probe into allegations of inappropriate behavior by Kanye West after receiving an anonymous letter making several allegations.
The investigation follows a report by Rolling Stone magazine that detailed alleged incidents of inappropriate behavior by Ye toward staff and prospective employees.
Rolling Stone cited interviews with more than two dozen former Yeezy and Adidas staff.
Earlier this month, Adidas said it plans to sell Yeezy sneakers minus branding associated with its former partner Kanye West, now known as Ye.
According to the magazine, former team members sent an anonymous letter to Adidas in which they said senior leaders at the company were aware of Ye’s behavior but had turned a “blind eye” and “turned their moral compass off.”
“It is currently not clear whether the accusations made in an anonymous letter are true,” an Adidas spokesperson said in a statement to Reuters.
“However, we take these allegations very seriously and have decided to launch an independent investigation immediately to address the allegations.”
“Adidas needs to disclose when the management and the supervisory board were first informed about the internal allegations,” Janne Werning, who heads ESG Capital Markets & Stewardship at Union Investment, said in a statement to Reuters.
Price Action: ADDYY shares closed higher by 1.60% at $64.69 on Wednesday.
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