NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Hasbro, Inc. ("Hasbro" or the "Company") (NASDAQ: HAS). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Hasbro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 13, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Hasbro securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On January 26, 2023, Hasbro previewed its fourth quarter results for fiscal year 2022. Having previously touted the apparent strength of the 2022 holiday season, Hasbro admitted that revenue would in fact contract by 17% year-over-year. To combat weakening sales, Hasbro announced it would be laying off 15% of its global work force, and at the same time disclosed the immediate departure of its Chief Operating Officer, Eric Nyman.
On this news, Hasbro's stock price fell $5.17 per share, or 8.1%, to close at $58.61 per share on January 27, 2023.
Then, on October 26, 2023, Hasbro announced its financial results for its fiscal year 2023 third quarter. Among other items, Hasbro disclosed an 18% decline in Consumer Product revenues year-over-year, along with a significant reduction in guidance for the remainder of the year. In the attendant earnings call, Chief Financial Officer Gina Goetter further revealed that the Company was forecasting "$50-ish million of onetime cost" that was to be spent on "mov[ing] through inventory at the retailer level, extra marketing to move through the inventory, [and] extra obsolescence cost" in its Consumer Products segment.
On this news, Hasbro's stock price fell $6.38 per share, or 11.7%, to close at $48.37 per share on October 26, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
