SAN FRANCISCO, Oct. 19 /PRNewswire/ -- Gold Bennett & Cera LLP has filed a class action in the United States District Court for the Central District of California, Case No. CV-99-10847, on behalf of all purchasers of Mattel, Inc. ("Mattel") common stock (NYSE: MAT) during the period February 2, 1999 through October 1, 1999, inclusive (the "Class Period"). The plaintiff purchased shares of Mattel common stock during the Class Period and is seeking to recover damages. The plaintiff is represented by the San Francisco law firm of Gold Bennett & Cera LLP. For over 30 years, Gold Bennett & Cera LLP and its predecessors have successfully engaged in commercial litigation, including shareholder, consumer and antitrust class actions, in federal and state courts throughout the United States, recovering hundreds of millions of dollars for its clients. This action arises out of an alleged fraudulent scheme by which The Learning Company ("TLC") was merged in Mattel (the "Merger"). The alleged scheme enabled defendants to obtain approval of the Merger between Mattel and TLC and to artificially inflate the stock price of Mattel. The alleged scheme also enabled the two senior TLC executives to obtain in excess of $11 million from the sale of Mattel shares received in the Merger shortly after its consummation. The complaint charges that defendants materially misstated the pro forma revenues, net income and earnings per share of TLC (and Mattel after the Merger), made materially false or misleading statements that TLC was an excellent strategic fit with Mattel and that the Merger would be accretive to Mattel's 1999 results. As a result of the defendants' alleged material misstatements and omissions, Mattel's common stock traded at artificially inflated prices throughout the Class Period, including as high as $30.3125 per share during the Merger pricing period in April and May 1999. On October 4, 1999, Mattel disclosed that its TLC division would incur a $50-$100 million loss for the third quarter rather than an expected $50 million profit. As a result, Mattel will not meet its forecast $1.50 earnings per share for 1999. After disclosure of the problems at its TLC division, the price for Mattel's stock fell to $11 7/8 on October 4, 1999 on volume of nearly 30 million shares. If you purchased Mattel common stock during the Class Period, you may no later than 60 days from October 7, 1999 move the Court to serve as lead plaintiff, if you so choose. To serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Joseph M. Barton of Gold Bennett & Cera LLP, 595 Market Street, Suite 2300, San Francisco, California 94105, by telephone at 800-778-1822 or 415-777-2230, by facsimile at 415-777-5189 or by e-mail at firstname.lastname@example.org.
SOURCE Gold, Bennett & Cera LLP