Cases
Mattel, Inc. (MAT)
Securities Class Action
Overview
Overview
- Date:
- 3/7/2019
- Company Name:
- Mattel, Inc.
- Stock Symbol:
- MAT
- Class Period:
- FROM 2/7/2019 TO 2/15/2019
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, December 30, 2019 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Mattel, Inc. (NASDAQ: MAT) securities between October 26, 2017 and August 8, 2019 (the “Class Period”). Investors have until February 24, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On Aug. 8, 2019, Mattel announced the termination of an upcoming bond offering after improper accounting concerns were raised by a whistleblower.
On this news, Mattel's 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.
The complaint, filed on December 24, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Mattel had inadequate systems of internal disclosure and financial controls; (2) Mattel would need to amend its 2018 annual report on Form 10-K to restate the Company’s financial results for the third and fourth quarters of 2017; and (3) as a result of the foregoing, defendants’ statements about its business and operations were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Mattel securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On Aug. 8, 2019, Mattel announced the termination of an upcoming bond offering after improper accounting concerns were raised by a whistleblower.
On this news, Mattel's 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.
The complaint, filed on December 24, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Mattel had inadequate systems of internal disclosure and financial controls; (2) Mattel would need to amend its 2018 annual report on Form 10-K to restate the Company’s financial results for the third and fourth quarters of 2017; and (3) as a result of the foregoing, defendants’ statements about its business and operations were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Mattel securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.