SHAREHOLDER ALERT: Schubert Firm Investigating Possible Shareholder Derivative Claims on Behalf of Mattel, Inc. Shareholders

SAN FRANCISCO, Feb. 27, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential shareholder derivative claims on behalf of the shareholders of Mattel, Inc. (NASDAQ: MAT) ("Mattel"), related to the company's accounting practices.

On August 1, 2019, Mattel announced that it would be conducting a $250 million note offering. On August 8, 2019, Mattel announced that its outside auditor had received a whistleblower letter alleging certain improprieties in the company's accounting practices and questioning the independence of the company's outside auditor, resulting in the sudden termination of the note offering. On this news, the price of Mattel shares fell $2.12, or 15.8%, to close at $11.31 per share on August 9, 2019, severely damaging shareholder value.

On October 29, 2019, Mattel announced that it had concluded its investigation into the whistleblower's claims, and that the company's Chief Financial Officer, Joseph J. Euteneuer, would "transition" from the company. According to the company, the investigation found, among other things, "errors" in Mattel's publicly filed financial statements for the last two quarters of 2017. The investigation determined that income tax expense was understated in the third quarter of 2017, and overstated in the fourth quarter of 2017. The investigation also determined that Mattel had certain material weaknesses in its internal control over financial reporting, and that a restatement and "remedial actions" were necessary. On December 24, 2019, a class action lawsuit alleging securities fraud claims was filed against the company in the U.S. District Court for the Central District of California.

The Schubert Firm is investigating potential derivative claims based on harm the company has suffered as a result of potential breaches of fiduciary duty by the company's officers and directors. If you currently own stock in Mattel and wish to obtain additional information about derivative claims and your legal rights, please contact Willem F. Jonckheer via email at [email protected] or by telephone at (415) 788-4220, or fill out the form on our website at www.classactionlawyers.com/mattel.  

About Schubert Jonckheer & Kolbe LLP

Schubert Jonckheer & Kolbe LLP has extensive experience in prosecuting securities claims and has successfully represented investors throughout the nation in shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

SOURCE Schubert Jonckheer & Kolbe LLP