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BOSTON, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, announces new developments relevant to its investigation of Mattel, Inc. (NASDAQ: MAT) and certain of its officers and directors for potential violations of federal securities laws.
On August 8, 2019, Mattel announced that a whistleblower letter was sent to the company’s outside auditors alleging certain improprieties in accounting practices – resulting in the sudden termination of a scheduled Senior Note Offering. As a result, Mattel’s common stock dropped $2.12 per share or almost 12% in a single day of trading.
On October 29, 2019, the company reported the results of its investigation into the whistleblower allegations. Among other things, Mattel acknowledged that certain accounting “errors” occurred and it would amend the Company’s 2018 Form 10-K to restate the last two quarters of 2017. Mattel also admitted to weaknesses in internal controls and violations of auditor independence rules.
Most recently, on November 13, 2019, Mattel announced that it will host a conference call and webcast to address the accounting questions related to Board of Directors’ independent investigation into the allegations contained in a whistleblower letter.
If you have purchased or otherwise acquired Mattel securities and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting https://shareholder.law/mattel/.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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