NEW YORK, — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ:HAS) of the November 27, 2018 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 Hasbro stock or options between April 24, 2017 and October 23, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/HAS. 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 [email protected]
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Rhode Island on behalf of all those who purchased Hasbro securities between April 24, 2017 and October 23, 2017 (the “Class Period”). The case, City of Warren Police and Fire Retirement System v. Hasbro, Inc. et al., No. 18-cv-00543 was filed on September 28, 2018, and has been assigned to Judge William E. Smith.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company’s relationship with Toys “R” Us was becoming increasingly important to Hasbro’s business model; (2) Toys “R” Us was entering an increasingly dire financial position, which would cause it to significantly scale back its operations or liquidate in a bankruptcy proceeding; and (3), the Company was experiencing sales issues in the United Kingdom and Brazilian markets which were adversely affecting sales revenues for those markets.
Specifically, on October 23, 2017, Hasbro released its third quarter 2017 financial results and reported that its U.S. and Canada sales were negatively impacted by the Toys “R” Us bankruptcy. During a conference call on the same day, the Company revealed that emergent challenges in Brazil and the United Kingdom would have longer-lasting consequences than initially predicted.
On this news, that Company’s stock price fell from $98.19 per share on October 20, 2017 to $89.75 per share—an $8.44 or 8.6% 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 Hasbro’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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