BOSTON, Dec. 24, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, informs investors that it has filed a class action lawsuit against Mattel, Inc. (MAT) and its Chief Financial Officer, Joseph Euteneuer, alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by February 24, 2020 and are encouraged to contact Block & Leviton LLP to learn more.
The class action complaint alleges that the company misled investors regarding its financial accounting in the last two quarters of 2017, as well as the efficacy of its internal controls. A copy of the complaint is available on Block & Leviton’s website.
The truth would emerge on August 8, 2019, when Mattel announced that its outside auditor had received a whistleblower letter alleging certain improprieties in the company’s accounting practices—resulting in the sudden termination Mattel’s scheduled Senior Note Offering. As a result, Mattel’s common stock dropped $2.12 per share or almost 12% in a single day of trading.
On October 29, 2019, the company reported the results of its investigation into the whistleblower allegations. Among other things, Mattel acknowledged that it had committed certain accounting errors and amended the Company’s 2018 Form 10-K to restate the last two quarters of 2017. Mattel also admitted to weaknesses in its internal controls and violations of auditor independence rules.
If you purchased or otherwise acquired Mattel securities between October 26, 2017 and August 8, 2019 and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting https://shareholder.law/mattel.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than February 24, 2020, which is the first business day on which the U.S. District Court for the Central District of California is open that is 60 days after the date that this notice regarding the action was first published on December 24, 2019. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice. Members may also choose to do nothing and remain part of the proposed Class.
The action was filed by Block & Leviton on behalf of the Houston Municipal Employees Pension System, and the case is captioned Houston Municipal Employees Pension System v. Mattel, Inc., et al., No. 2:19-cv-10860, in the U.S. District Court for the Central District of California.
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