OAKLAND, Calif.--(BUSINESS WIRE)--Gibbs Law Group is investigating claims on behalf of investors of Mattel, Inc. (NASDAQ: MAT) involving possible securities law violations. Specifically, our investigation focuses on allegations that Mattel and certain of its officers and/or directors may have engaged in unlawful business practices or securities fraud.
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On February 7, 2018, Mattel released its fourth quarter 2018 earnings, beating analyst expectations and sales predictions. On an investor conference call, CEO Ynon Kreiz stated “2018 was a great year for Barbie, which sustained growth and continued momentum globally…We look forward to celebrating her 60th anniversary throughout 2019…”
Eight days later, on February 15, 2019 during an analyst meeting, Mattel announced it would downgrade its 2019 forecast, reporting a slowing demand for its Barbie doll. Reuters published an article on the company’s adjusted forecast noting that it came “barely a week after the company said strong holiday sales of Barbie drove a surprise fourth quarter profit.” The Wall Street Journal also published an article on Mattel’s adjusted outlook, noting “Mattel’s decision to announce an adjusted outlook just a week after earnings is bizarre,” and further stating “[M]attel isn’t as healthy as it made out. Management should have been candid about that when it reported earnings instead of letting investors get unjustly excited.”
Following this news, shares of MAT dropped by more than 18% to close at $13.82 on February 15, 2019, which was reported to be the worst one-day decline for the company in a decade.
If you purchased or acquired shares of Mattel, Inc. you may be able to recover your losses. To speak privately with a securities attorney to learn more about our investigation and your legal rights, visit our website or contact our securities team directly at (800) 808-5294.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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