NEW YORK, — Pomerantz LLP announces that a class action lawsuit has been filed against Mattel, Inc. (“Mattel” or the “Company”) (NASDAQ: MAT) and certain of its officers and directors. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who acquired Mattel securities between February 7, 2019, and February 15, 2019, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Mattel securities between February 7, 2019, and February 15, 2019, you have until May 6, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Mattel purports children’s entertainment company that designs and sells toys and consumer products. Mattel’s “Power Brands” include Barbie, Hot Wheels, Fisher-Price, and American Girl.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) demand for the Company’s products, including Barbie and Hot Wheels, was declining; (2) that the Company had an excess of product supply; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On February 15, 2019, the Company provided disappointing outlook for 2019, citing slowing growth in sales of Barbie and Hot Wheels. On this news, the Company’s share price fell $3.09 per share, more than 18%, to close at $13.82 per share on February 15, 2019, on unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com