Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $100,000 on Hasbro (NASDAQ:) to contact him directly to discuss their options
If you suffered losses of more than $100,000 Hasbro between February 7, 2022 and October 25, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 22, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS ) and reminds investors of this Deadline: January 13, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As discussed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose the quality of inventory held by Hasbro, and by stating: that rising inventories reflected outstanding and expected demand, rather than excess supply outpacing dwindling demand. As a result of these misrepresentations, Hasbro common stock traded at artificially inflated prices throughout the Class Period.
The truth began to emerge on January 26, 2023, when the company previewed its fourth quarter results for fiscal 2022. Hasbro, which had repeatedly touted the apparent strength of the 2022 holiday season, now admitted that sales would fall 17% year-over-year. To address flagging sales, Hasbro announced the layoff of 15% of its global workforce while also announcing the immediate resignation of its chief operating officer.
These revelations caused Hasbro’s stock price to fall by $5.17 per share, or over 8%. However, the defendants continued to make false, reassuring statements to investors about the extent of the inventory build-up.
The truth came to light even more on October 26, 2023, when Hasbro announced its financial results for the third quarter of fiscal 2023, shocking investors by revealing an 18% year-over-year decline in consumer goods sales and a significant reduction in guidance for the rest of the year. Hasbro also said it forecast “approximately $50 million in one-time costs” that would be spent on “converting inventory at the retailer level, additional marketing to convert inventory, (and) additional obsolescence costs.” Consumer goods segment.
These revelations caused Hasbro’s stock price to fall by an additional $6.38 per share, or over 11%.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to participate in any recovery will not be affected by the decision to serve as lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Hasbro’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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