The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Hasbro, Inc. (HAS) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) common stock between February 7, 2022, and October 25, 2023, inclusive (the “Class Period”). Hasbro investors have until January 13, 2025 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On January 26, 2023, Hasbro disclosed that its fourth quarter 2022 financial results would see revenue lowered by 17% year-over-year and that, to combat weakening sales, the Company planned to lay off 15% of its global workforce. Further, the Company announce the immediate departure of its COO.

On this news, Hasbro’s stock price fell $5.17, or 8.1%, to close at $58.61 per share on January 27, 2023, thereby injuring investors.

Then, on October 26, 2023, Hasbro released its third quarter 2023 financial results, disclosed an 18% decline in Consumer Products revenues year-over-year and a reduced guidance for the remainder of the year. The Company further explained that it was forecasting “$50-ish million of onetime cost” that was to be spent on “mov[ing] through inventory at the retailer level, extra marketing to move through the inventory, [and] extra obsolescence cost” in its Consumer Products segment.

On this news, Hasbro’s stock price fell $6.38, or 11.7%, to close at $48.37 per share on October 26, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had a significant buildup of inventory that it was struggling to manage and which far exceeded customer demand; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Hasbro securities, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com.

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