BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) securities between April 24, 2017 and October 23, 2017, inclusive (the “Class Period”). Hasbro investors have until November 27, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Hasbro investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 23, 2017, Hasbro announced its third quarter 2017 financial results. Hasbro’s CEO stated that “[a]s a result of the Toys 'R' Us bankruptcy filing in the U.S. and Canada, there was a negative impact on our quarterly revenues and operating profit.” On this news, shares of Hasbro fell $2.94, or 22%, to close at $89.75, on October 23, 2017, thereby injuring investors.
The complaint filed in this class action alleges that Hasbro made false and/or misleading statements and/or failed to disclose that: (1) Hasbro's relationship with Toys "R" Us was becoming increasingly important to Hasbro's business, but that Toys "R" Us was in far worse financial condition than was being publicly reported; (2) Hasbro was experiencing significant undisclosed adverse sales issues in two key markets—the United Kingdom and Brazil—which were negatively impacting Hasbro's efforts to grow sales in those markets; and (3) as a result of the foregoing, defendants' statements about Hasbro's business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Hasbro during the Class Period, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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