PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Mattel, Inc. (“Mattel” or the “Company”) (Nasdaq: MAT) on behalf of investors who purchased shares of the Company’s common stock between August 2, 2017 and August 8, 2019, inclusive (the “Class Period”).
Mattel investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at email@example.com, for additional information about this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/mattel-inc/.
According to the complaint, Mattel misled investors concerning its financial condition and the effectiveness of its internal control over financial reporting including by understating its income tax expense by $109 million in the third quarter of 2017, and then by working with its auditor, PricewaterhouseCoopers LLP (“PwC”) to manipulate the Company’s accounting to conceal this misstatement and avoid restating the Company’s financial results.
As detailed in the complaint, on August 8, 2019, Mattel disclosed that it was made aware of an anonymous whistleblower letter, and that it was abruptly cancelling a $250 million debt offering scheduled to close that day. Following this news, shares of Mattel’s common stock declined over 15% in value.
Then, on October 29, 2019, the Company admitted that, following an investigation by its Audit Committee, it would be restating Mattel’s financial reports for the third quarter 2017 and year-end 2017 and revising its financial reports for its previously issued 2016, 2017, and 2018 annual financial statements, and that the Company’s internal control over financial reporting was not effective.
Investors who purchased Mattel’s common stock during the Class Period may, no later than February 24, 2020, seek to be appointed as a lead plaintiff representative in the action.
Mattel investors are encouraged to contact Kaskela Law LLC about this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.