OAKLAND, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24MAT&src=ctag” target=”_blank”gt;$MATlt;/agt; lt;a href=”https://twitter.com/hashtag/MAT?src=hash” target=”_blank”gt;#MATlt;/agt;–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.”
This press release may constitute Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
CONTACT: EILEEN EPSTEIN
PHONE: 510.350.9728
EMAIL: [email protected]
