OAKLAND, Calif.--(BUSINESS WIRE)--Gibbs Law Group announces that a class action lawsuit was filed on behalf of investors of Mattel, Inc. (NASDAQ: MAT) who purchased shares between February 7 and February 15, 2019. The lawsuit seeks to recover Mattel investors’ losses. The deadline to apply to be lead plaintiff is May 6.
Did you lose money in Mattel? Consult an attorney, free, about recovering your losses. Call: 888-410-2925 or visit: Mattel class action lawsuit investigation.
The class action lawsuit alleges the defendants made false statements or failed to disclose that:
- Demand for Mattel’s products, including Barbie and Hot Wheels, was declining;
- That Mattel had an excess of product supply; and
- As a result, Mattel’s positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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. The Wall Street Journal 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 suffered a loss in Mattel, Inc., you have until May 6. 2019 to request that the Court appoint you as lead plaintiff. You do not need to be a lead plaintiff in order to share in any recovery.
To speak privately with a securities attorney to learn more about your Mattel losses, visit our website or contact our securities team directly at 888-410-2925.
About Gibbs Law Group
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” and “Consumer Protection MVP.”
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