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Investor Alert: Kaplan Fox Investigates Mattel, Inc. (Nasdaq: MAT)

NEW YORK, Nov. 6, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of Mattel, Inc. (MAT).

On August 2, 2019, Mattel's outside auditor received a whistleblower letter (the "Letter"). 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 heavier than usual volume. 

On October 29, 2019, Mattel issued a press release titled "Mattel Completes Internal Investigation of Whistleblower Letter and Announces Remedial Actions" that stated, in part, that Mattel's "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 ("CEO"), Margaret Georgiadis, and the Audit Committee once they became known, and violations of auditor independence rules." Also on October 29, 2019, Mattel disclosed that its Chief Financial Officer, Joseph J. Euteneuer, will leave the Company.

On November 6, 2019, the Wall Street Journal published a story titled "Mattel, PwC Obscured Accounting Issues, Former Executive Says" that stated, in part, that "Mattel on Oct. 29 admitted the accounting error and said an internal investigation found weaknesses in its procedures. The company said its chief financial officer, Joe Euteneuer, will leave. Based on firsthand knowledge of how Mattel handled the issue, according to Mr. Whitaker [former Mattel director of tax reporting], Mr. Euteneuer would have been aware of the decision not to disclose the error." On November 6, 2019, at the opening of trading, Mattel shares declined approximately 3%. 

If you purchased Mattel shares, and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about your rights or interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

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