Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses in excess of $100,000 in Hasbro (NASDAQ:) to contact him directly to discuss their Options.
If you have a loss 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 partner Josh Wilson live at the 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York– (Newsfile Corp. – December 30, 2024) – Faruqi & Faruqi, LLP, a national securities law firm, is investigating potential claims against Hasbro, Inc. (“Hasbro” or the “Company”). (NASDAQ: HAS) and reminds investors to January 13, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or by failing to disclose the quality of inventory that Hasbro maintained, and that the inventory levels were supposed to reflect the best and expected. demand, rather than excess supply in excess of diminishing demand. Because of this undisclosed information, Hasbro common stock sold at unreasonably inflated prices throughout the Class Period.
The truth began to emerge on January 26, 2023, when the Company reviewed its fourth quarter results for the 2022 fiscal year. -year. To combat weak sales, Hasbro announced that it would lay off 15% of its global workforce, and at the same time announced the immediate departure of its Chief Operating Officer.
These announcements caused the price of Hasbro stock to decrease by $5.17 per share, or more than 8%. However, Defendants continued to make false, misleading statements to investors about the extent of the inventory build-up.
The truth was further revealed on October 26, 2023, when Hasbro announced its financial results for the fiscal year 2023 in the third quarter and shocked investors by announcing an 18% decline in Consumer Product revenue year-over-year, and a significant reduction in guidance. for the rest of the year. Hasbro also revealed that it was forecasting “50-ish million in one-time costs” that would be spent “on mov(ing) through inventory at the dealer level, additional sales to move through inventory, (and) additional obsolescence costs” in the Products division. of the Customer.
These announcements caused Hasbro's stock price to drop another $6.38 per share, or more than 11%.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through a group of counsel of their own choosing, or may choose to remain passive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Hasbro's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source of this document, please visit https://www.newsfilecorp.com/release/235544