Faruqi & Faruqi, LLP is investigating the claims on behalf of investor Hasbra Investing.com
Faruqi & Faruqi, LLP securities litigation partner James (Josh) Wilson He encourages investors who have suffered losses of more than $100,000 in Hasbro (NASDAQ: ) to contact him directly to discuss their options
If you have suffered losses greater than $100,000 in Hasbro between February 7, 2022 and October 25, 2023 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
[You may also click here for additional information]
New York, New York–(Newsfile Corp. – January 1, 2025) – 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 The deadline is 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 inception in 1995. See www.faruqilaw.com.
As noted below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the quality of inventory that Hasbro held, and claimed that rising inventory levels reflected unfulfilled and expected demand, not excess supply that outstripped declining demand. As a result of these misrepresentations, Hasbro common stock traded at artificially inflated prices during the Class Period.
The truth began to emerge on January 26, 2023, when the company reviewed its fourth quarter results for fiscal year 2022. Hasbro, after repeatedly touting the apparent strength of the 2022 holiday season, has now admitted that revenue will decline 17% in compared to the year. -year. To combat sagging sales, Hasbro has announced it will lay off 15% of its global workforce while also revealing the immediate departure of its chief operating officer.
These announcements caused Hasbro’s stock price to drop by $5.17 per share, or more than 8%. However, the defendants continued to make false, reassuring statements to investors regarding the extent of the stockpiling.
The truth was further revealed on October 26, 2023, when Hasbro released its third quarter fiscal 2023 financial results and shocked investors by announcing an 18% year-over-year decline in consumer product revenue, along with a significant reduction in guidance for the rest of the year . Hasbro also revealed that it anticipates a “$50 million one-time cost” to be spent on “mov[ing] through retailer-level inventory, additional marketing to move through inventory, [and] additional cost of obsolescence” in the segment of consumer products.
These announcements caused Hasbro’s stock price to drop an additional $6.38 per share, or more than 11%.
A 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 the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Hasbro’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X or on Facebook (NASDAQ:).
Advertising of lawyers. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/235680
