NEW YORK, March 20, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mattel, Inc. ("Mattel" or the "Company") (MAT) of the May 6, 2019 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 February 7, 2019 and February 15, 2019 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 firstname.lastname@example.org.
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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 February 7, 2019 and February 15, 2019 (the "Class Period"). The case, Wyatt v. Mattel, Inc. et al., No. 19-cv-01646 was filed on March 6, 2019, and has been assigned to Judge Percy Anderson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that 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, the Company’s positive statements about its business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On February 15, 2019, the Company provided its 2019 outlook, which fell short of investors’ expectations.
On this news, Mattel's share price fell from $16.91 per share on February 14, 2019 to a closing price of $13.82 on February 15, 2019: a $3.09 or a 18.27% 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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