Hrsa-Ila Funds v. Adidas Ag

NOT FOR PUBLICATION FILED

UNITED STATES COURT OF APPEALS DEC 3 2025

MOLLY C. DWYER, CLERK

U.S. COURT OF APPEALS

FOR THE NINTH CIRCUIT

HRSA-ILA FUNDS, Individually and on No. 24-6655 behalf of all others similarly situated, D.C. No. 3:24-cv-00629-IM Plaintiff - Appellant,

v. MEMORANDUM*

ADIDAS AG and HARM OHLMEYER,

Defendants - Appellees,

and

KASPER RORSTED,

Defendant.

Appeal from the United States District Court for the District of Oregon Karin Immergut, District Judge, Presiding

Argued and Submitted October 23, 2025 San Francisco, California

Before: MURGUIA, Chief Judge, and OWENS and BUMATAY, Circuit Judges.

Plaintiff-Appellant HRSA-ILA Funds (“HRSA-ILA”) appeals the district

* This disposition is not appropriate for publication and is not precedent except as provided by Ninth Circuit Rule 36-3. court’s dismissal of its securities fraud claims against Defendant-Appellees adidas

AG (“Adidas”) and Harm Ohlmeyer (“Ohlmeyer”). HRSA-ILA, an Adidas

shareholder, brought a class action lawsuit asserting two claims: (1) violation of

section 10(b)…