STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Mattel, Inc. (Nasdaq: MAT) (“Mattel” or the “Company”) securities during the period between October 20, 2016 and April 20, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 28, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Mattel securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Mattel’s retail customers were loaded with extremely high levels of unsold Mattel product and Mattel was exposed to the heightened risk that it would have to issue its retailers financial concessions to remove such excess inventory and would experience slower sales growth in future periods.
According to the complaint, following a April 20, 2017 announcement of its first quarter 2017 financial results, reporting that on a year-over-year basis, worldwide net sales and gross margins each declined by more than 15%, and its operating loss increased by more than 158% to $127.0 million from $49.1 million, the value of Mattel shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Mattel securities purchased on or after October 20, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.