BOSTON, MA / ACCESSWIRE / November 6, 2019 / Berman Tabacco (www.bermantabacco.com) is investigating potential federal securities law violations by Mattel, Inc. ("Mattel" or the "Company") (NYSE:MAT).
On August 2, 2019, Mattel's outside auditors received a whistleblower letter (the "Letter"). According to the Company, the Letter "questioned whether there were accounting errors in historical periods and whether Mattel's outside auditor was independent." On August 8, 2019, Mattel "publicly announced that it had received the Letter and would investigate its allegations." On August 9, 2019, Mattel shares declined from a closing price on August 8, 2019 of $13.43 per share, to close at $11.31 per share, a decline of $2.12 per share or approximately 16%.
On October 29, 2019, the Company disclosed that "the Audit Committee's investigation found errors in publicly-filed Mattel financial statements for the last two quarters of 2017, failures to properly consider and disclose such errors to the then-Chief Executive Officer … and the Audit Committee once they became known, and violations of auditor independence rules." On November 6, 2019, The Wall Street Journal published a story titled "Mattel, PwC Obscured Accounting Issues, Former Executive Says."
If you purchased any Mattel shares between October 27, 2017 through November 5, 2019 and you would like more information regarding this investigation, or if you wish simply to share information about the investigation, please visit: https://www.bermantabacco.com/case/mattel-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has 38 lawyers in Boston, Massachusetts and San Francisco, California.
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SOURCE: Berman Tabacco
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