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Mattel, Inc. (NASDAQ: MAT) Investor Securities Class Action Lawsuit 12/24/2019

  • If you purchased shares of Mattel, Inc. (NASDAQ: MAT), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Mattel, Inc.
Security
NASDAQ: MAT

Case Name
Mattel Shareholder Class Action Lawsuit 12/24/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Class Period End
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Summary

January 26, 2021 - The court denied the defendants' motion to dismiss.

July 28, 2020 - A motion to dismiss the amended complaint was filed.

May 29, 2020 - An amended complaint was filed.

December 24, 2019 - An investor in shares of Mattel, Inc. (NASDAQ: MAT) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Mattel, Inc. in connection with certain allegedly false and misleading statements made between October 26, 2017 and August 9, 2019.

On August 8, 2019, Mattel, Inc. announced that its outside auditor had received a whistleblower letter alleging certain improprieties in the company’s accounting practices—resulting in the sudden termination Mattel’s scheduled Senior Note Offering.

On October 29, 2019, Mattel, Inc. reported the results of its investigation into the whistleblower allegations. Among other things, Mattel acknowledged that it had committed certain accounting errors and amended the Company’s 2018 Form 10-K to restate the last two quarters of 2017. Mattel, Inc. also admitted to weaknesses in its internal controls and violations of auditor independence rules. Shares of Mattel, Inc. (NASDAQ: MAT) declined to as low as $9.06 per share on August 28, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Mattel, Inc. (NASDAQ: MAT) common shares between October 26, 2017 and August 9, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Mattel, Inc. misled investors regarding its financial accounting in the last two quarters of 2017, as well as the efficacy of its internal controls.