PHILADELPHIA, May 8, 2020 /PRNewswire/ -- Kaskela Law LLC is investigating Mattel, Inc. ("Mattel" or the "Company") (NASDAQ: MAT) on behalf of the Company's stockholders.
Current Mattel stockholders who purchased or acquired shares of the Company's stock prior to August 2, 2017 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at [email protected] or online at http://kaskelalaw.com/case/mattel-inc/, to discuss this investigation and their legal rights and options.
Recently a shareholder class action complaint was filed in federal court on behalf of investors who purchased shares of the Company's stock between August 2, 2017 and August 8, 2019. Among other things, the complaint alleges that "Mattel misled investors concerning its financial condition and the effectiveness of its internal control over financial reporting including by understating its income tax expense by $109 million in the third quarter of 2017 and then by working with its auditor, PwC, to manipulate the Company's accounting to conceal this misstatement and avoid restating the Company's financial results."
Subsequently, on February 25, 2020, Mattel disclosed that it had received a subpoena in December 2019 from the U.S. Securities and Exchange Commission "seeking documents related to [a] whistleblower letter and subsequent investigation," and that the Company was "also responding to requests from the United States Attorney's Office for the Southern District of New York ('SDNY') related to this matter."
The firm's investigation seeks to determine whether the members of Mattel's board of directors breached their fiduciary duties in connection with the above alleged misconduct.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
SOURCE Kaskela Law LLC