INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Mattel, Inc. & Encou...
January 13 2020 - 8:05PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Central District of California on behalf of those who acquired
Mattel, Inc. (“Mattel” or the “Company”) (NASDAQ: MAT) securities
during the period from October 26, 2017 through 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.
The lawsuit 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.
On August 1, 2019, Mattel announced that it would offer $250
million of Senior Notes due 2027 (the “Note Offering”). On August
8, 2019, 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
of the Note Offering on the very day it was expected to close. On
this news, the price of Mattel shares fell $2.12, or 15.8%, to
close at $11.31 per share on August 9, 2019.
On October 29, 2019, Mattel announced that it had concluded its
investigation into the whistleblower’s claims, and that the
Company’s CFO Joseph J. Euteneuer would depart the Company.
According to the Company, the investigation found, among other
things, “errors” in Mattel’s publicly filed financial statements
for the last two quarters of 2017, and that these “errors” were not
properly disclosed to the then CEO and the Company’s Audit
Committee once they became known.
If you acquired Mattel securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005963/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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