Sorry if this is old news. Have never seen it linked or discussed. Has anyone actually read the case files on this. Seems to name a ton of executives, most of the c-suite under JD.
Probably nothing to see here. Our leaders have the utmost integrity, and Nike doesn’t have a poor track record of leaders doing nefarious things.
https://www.cohenmilstein.com/case-study/in-re-nike-inc-securities-litigation/
Fiscal 2022 Q4 Earnings Call (Nike)
1) Prepared Remarks — Digital Driving Long-Term Growth
“Next, our consumer-led digital transformation is driving long-term growth and value. A more digitally connected NIKE is a more valuable NIKE…”
Growth was briefed as sustainable long term value creation; and not a one time uptick relative to (digital) market expansion. Seems subtle, but SEC reporting is very specific about this. And the requirement of specificity in reporting is for just this situation… wherein (allegedly) a leadership group of a publicly traded company finds a near term growth bubble… and mis classifies it to their own benefit; but to the detriment of shareholders.
@pj apart from MF every exec named in the class action has been fired including the CEO
where there is smoke... finance is often the one burying the cremated remains
Standard class action slop.
There’s a difference between “making poor business decisions” and outright “fraud”. Proving the latter is very difficult.
This case will eventually settle for nuisance value.
very interesting that SEC is not in there regarding tech. we probably spent more than 3 billion on this over 10+ years and nobody I met over there can explain the benefit or value.
I remember very well how senior leadership pitched this as the most important foundational enabler of CDO and CDA back in the good old days.
Isn’t this about growth being unsustainable, despite claims that it was?
Very old news, from JD era, but typically reaction to a stock decline. They have a very high bar in getting proof that information was intentionally withheld unless there is some smoking g-n in discovery. Not like we will know until it happens or doesn't.
Bro? WTF, they f'd us all