SAN FRANCISCO, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Mattel, Inc. (MAT) investors who have suffered losses in excess of $100,000 to submit their losses now to learn if they qualify to recover their investment losses. A securities fraud class action has recently been filed.
Mattel, Inc. (MAT) Securities Class Action:
The Complaint alleges that Mattel and its senior executives misled investors regarding its financial accounting in the last two quarters of 2017, as well as the efficacy of its internal controls.
According to the Complaint, the truth began to emerge on Aug. 8, 2019, when Mattel announced the termination of an upcoming bond offering after improper accounting concerns were raised by a whistleblower. As a result, Mattel’s common stock dropped $2.12 per share, or almost 12%, in a single day of trading.
Then, on Oct. 29, 2019, Mattel announced the results of its investigation into the whistleblower allegations. Among other things, Mattel admitted it engaged in improper accounting and amended its 2018 Form 10-K to restate the last two quarters of 2017. The Company also admitted to weaknesses in its internal controls and violations of auditor independence rules.
That same day, the Company disclosed the abrupt departure of its CFO Joseph J. Euteneuer.
“We’re focused on recovering investors’ substantial losses and holding Mattel accountable for its false financial reporting,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Mattel during the Class Period and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Mattel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MAT@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000