A securities class action has been filed in the USDC — S.D.N.Y. against Hasbro, Inc. (HAS) (“Hasbro” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Hasbro common stock between February 7, 2022, and October 25, 2023, both dates inclusive (the “Class Period”).
Hasbro is a leading toy, game, and entertainment company with global reach. During the Class Period, Hasbro sold a broad selection of consumer products from toys, games, apparel, music, publishing to film, television, animation, and other digital content for Hasbro’s iconic brands including: Dungeons & Dragons, Magic: The Gathering, Hasbro Gaming, NERF, Transformers, Play-Doh, G.I. Joe, Monopoly, My Little Pony, and Peppa Pig.
The claim arises on October 26, before the market opened, when Hasbro shocked investors when it announced its financial results for its fiscal year 2023 third quarter and disclosed an 18% decline in Consumer Product revenues year-over-year, along with a significant reduction in guidance for the remainder of the year.
The complaint alleges that, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions statements about the quality inventory that Hasbro held and represented that its rising inventory levels reflected outstanding and anticipated demand, rather than excess supply that outpaced waning demand. As a result of these misrepresentations, Hasbro common stock traded at artificially inflated prices throughout the Class Period.
As a result of these disclosures, Hasbro’s stock price declined by $6.38 per share, or 11.7%, from a closing price of $54.75 per share on October 25, 2023, to a closing price of $48.37 per share on October 26, 2023, erasing $831 million in shareholder value.
If you purchased Hasbro common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.