NEW YORK, June 28, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mattel, Inc. (“Mattel” or the “Company”) (Nasdaq: MAT ) of the August 28, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Mattel stock or options between October 20, 2016 and April 20, 2017 and would like to discuss your legal rights, click here : www.faruqilaw.com/MAT . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Mattel securities between October 20, 2016 and April 20, 2017 (the “Class Period”). The case, Waterford Township Police & Fire Retirement System v. Mattel, Inc., et al. , No. 17-cv-04732 was filed on June 27, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the amount of unsold Company inventory and its impact on sales and revenue.
Specifically, on January 25, 2017, Mattel announced its Q4 2016 and year-end results, disclosing a massive pre-existing build-up of Mattel inventory in its retail channel as a reason for annual 8% decrease in sales. On this news, Mattel share price fell from $31.56 per share January 25, 2017 to a closing price of $25.99 on January 26, 2017—a $5.57 or a 17.65% drop.
Then, April 20, 2017, after having downplayed the inventory issue, Mattel announced its operating results for the 2017 fiscal first quarter, the period ended March 31, 2017, missing Wall Street estimates for revenue and sales. The company cited a “retail inventory overhang coming out of the holiday period” as the reason for the disappointing results.
On this news, Mattel share price fell from $25.21 per share on April 20, 2017 to a closing price of $21.79 on April 21, 2017—a $3.42 or a 13.56% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Mattel’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
