Nike, its President and CEO, John Donahoe, as well as its CFO, Matthew Friend, were sued in Oregon District Court by the Pembroke Pines City Pension Fund for Firefighters and Police Officers for misleading their investors by concealing Nike’s problems with Nike Direct and its DTC strategy.
The company’s results had been poor for four consecutive quarters, but the defendants had allegedly assured investors that the company’s strategy was working and that investments in digital and other areas were cause for optimism in the company’s long-term strategy.
Plaintiffs seek class certification for those who purchased Nike Class B common stock between March 19, 2021, and March 21, 2024, and seek damages and attorneys’ fees.
