Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Mattel, Inc. (NASDAQ: MAT) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between February 7, 2019 and February 15, 2019. Mattel is a childrens entertainment company that designs and sells toys and consumer products.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/mattel-mar-19/
Mattel Accused of Inflating Stock Price
According to the complaint, Mattel announced its fourth quarter and full year 2018 results and highlighted the growth of Barbie and Hot Wheels on February 7, 2019. A little over a week later, Mattel provided a disappointing outlook for 2019. Mattels Chief Financial Officer, Joseph Euteneuer, revealed slowing growth in sales of Barbie and Hot Wheels. Mattel failed to disclose that demand for its products were declining, and that it had an excess of product supply. On this news, Mattels shares fell more than 18% to close at $13.82, and has yet to recover.
Mattel Shareholders Have Legal Options
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Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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