SAN FRANCISCO, Feb. 27, 2020 /PRNewswire/ -- Schubert
Jonckheer & Kolbe LLP is investigating potential shareholder
derivative claims on behalf of the shareholders of Mattel, Inc.
(NASDAQ: MAT) ("Mattel"), related to the company's accounting
practices.
On August 1, 2019, Mattel
announced that it would be conducting a $250
million 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 and questioning the independence of
the company's outside auditor, resulting in the sudden termination
of the note offering. 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, severely damaging shareholder
value.
On October 29, 2019, Mattel
announced that it had concluded its investigation into the
whistleblower's claims, and that the company's Chief Financial
Officer, Joseph J. Euteneuer, would
"transition" from 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. The investigation determined that income tax expense was
understated in the third quarter of 2017, and overstated in the
fourth quarter of 2017. The investigation also determined that
Mattel had certain material weaknesses in its internal control over
financial reporting, and that a restatement and "remedial actions"
were necessary. On December 24, 2019,
a class action lawsuit alleging securities fraud claims was filed
against the company in the U.S. District Court for the Central
District of California.
The Schubert Firm is investigating potential derivative claims
based on harm the company has suffered as a result of potential
breaches of fiduciary duty by the company's officers and directors.
If you currently own stock in Mattel and wish to obtain additional
information about derivative claims and your legal rights, please
contact Willem F. Jonckheer via
email at wjonckheer@sjk.law or by telephone at (415) 788-4220, or
fill out the form on our website at
www.classactionlawyers.com/mattel.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe LLP has extensive experience in
prosecuting securities claims and has successfully represented
investors throughout the nation in shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar outcomes.
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SOURCE Schubert Jonckheer & Kolbe LLP