SAN FRANCISCO, CA / ACCESSWIRE / November 15, 2019 / Hagens Berman urges Mattel, Inc. (NASDAQ:MAT) investors who have suffered losses on or before Nov. 6, 2019 to submit their loss now to learn if they qualify to recover their investment losses. The firm has new developments in its investigation into Mattel, Inc.'s admitted false accounting and investors may have valuable claims under the securities laws.
Relevant Holding Period: On or before Nov. 6, 2019
Sign Up: http://www.hbsslaw.com/investor-fraud/MAT
Contact An Attorney Now: MAT@hbsslaw.com
510-725-3000
Mattel, Inc. (MAT) Investigation:
The investigation centers on Mattel's admitted improper accounting.
After the market closed on Aug. 8, 2019, Mattel announced the termination of an upcoming bond offering after improper accounting concerns were raised by a whistleblower. This news drove the price of Mattel shares sharply lower on August 9, 2019.
On October 29, 2019, Mattel admitted to improper accounting and stated investors should no longer rely on previously issued financial statements for the three and nine months ended September 30, 2017 and for the three months ended December 31, 2017, which is included in the Company's annual report for the year ended December 31, 2017.
That same day, the Company disclosed the abrupt departure of its Chief Financial Officer Joseph J. Euteneuer.
On Nov. 6, 2019, The Wall Street Journal reported that the Company's finance team uncovered an accounting error in early 2018 whose effect was to reduce Mattel's loss for 3Q 2017. Brett Whitaker, who was Mattel's director of tax reporting at the time, reportedly said Mattel's finance team discussed fixing the problem and restating earnings but instead they and PricewaterhouseCoopers ("PwC") decided to bury the problem. According to Mr. Whitaker, "[m]y team was dumbfounded by it" and a PwC tax partner was "walking down the hall, high-fiving people, after this decision was made."
On Nov. 12, 2019, the Company restated financial statements for the 3 and 9 months ended Sept. 17, 2017 and for the 3 months ended Dec. 31, 2017. The Company also revised previously issued financial statements as of Dec. 31, 2018 and 2017 and for each of the 3 years in the period ended Dec. 31, 2018.
Notwithstanding these developments, on Nov. 15, 2019, the Company announced PwC is keeping its job.
"We're focused on recovering investors' substantial losses and the extent to which the Company, Euteneuer, and other senior executives may have misled investors," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Mattel and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Mattel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MAT@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000
SOURCE: Hagens Berman Sobol Shapiro LLP
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