Kaskela Law LLC Announces Shareholder Class Action Lawsuit Filed Against Mattel, Inc. (MAT)
February 24 2020 - 10:00PM
Business Wire
Kaskela Law LLC announces that a shareholder class action
lawsuit has been filed against Mattel, Inc. (“Mattel” or the
“Company”) (Nasdaq: MAT) on behalf of investors who purchased
shares of the Company’s common stock between August 2, 2017 and
August 8, 2019, inclusive (the “Class Period”).
Mattel investors are encouraged to contact Kaskela Law LLC
(D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at
skaskela@kaskelalaw.com, for additional information about this
action and their legal rights and options. Additional information
about this action may also be found at
http://kaskelalaw.com/case/mattel-inc/.
According to the complaint, Mattel misled investors concerning
its financial condition and the effectiveness of its internal
control over financial reporting including by understating its
income tax expense by $109 million in the third quarter of 2017,
and then by working with its auditor, PricewaterhouseCoopers LLP
(“PwC”) to manipulate the Company’s accounting to conceal this
misstatement and avoid restating the Company’s financial
results.
As detailed in the complaint, on August 8, 2019, Mattel
disclosed that it was made aware of an anonymous whistleblower
letter, and that it was abruptly cancelling a $250 million debt
offering scheduled to close that day. Following this news, shares
of Mattel’s common stock declined over 15% in value.
Then, on October 29, 2019, the Company admitted that, following
an investigation by its Audit Committee, it would be restating
Mattel’s financial reports for the third quarter 2017 and year-end
2017 and revising its financial reports for its previously issued
2016, 2017, and 2018 annual financial statements, and that the
Company’s internal control over financial reporting was not
effective.
Investors who purchased Mattel’s common stock during the Class
Period may, no later than February 24, 2020, seek to be appointed
as a lead plaintiff representative in the action.
Mattel investors are encouraged to contact Kaskela Law LLC about
this action and their legal rights and options. Kaskela Law LLC
exclusively represents investors in securities fraud, corporate
governance, and merger & acquisition litigation. For additional
information about Kaskela Law LLC please visit
www.kaskelalaw.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200224005984/en/
D. Seamus Kaskela, Esq. KASKELA LAW LLC 18 Campus
Boulevard, Suite 100 Newtown Square, PA 19073 (484) 258 – 1585
(888) 715 – 1740 www.kaskelalaw.com skaskela@kaskelalaw.com
Mattel (NASDAQ:MAT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Mattel (NASDAQ:MAT)
Historical Stock Chart
From Mar 2023 to Mar 2024