| COMPANY |
Mattel, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
19-cv-10860 |
| JUDGE |
The Honorable Mark C. Scarsi |
| CLASS PERIOD |
August 2, 2017 – August 8, 2019 |
| SECURITY TYPE |
Common Stock |
Case Background:
On December 24, 2019, the initial complaint in this securities class action was filed against Mattel, Inc. (“Mattel” or the “Company”) and certain of Mattel’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf all persons and entities who purchased or otherwise acquired Mattel common stock between August 2, 2017 and August 8, 2019, (the “Class Period”) both dates inclusive.
The complaint alleges that statements in the Company’s October 26, 2017 financial report were materially false and misleading and failed to disclose material adverse facts about the Company’s business, operations, and prospects. The complaint further alleges that the Defendants misled investors by reporting a net loss of $603.3 million for the third quarter which was understated by $109 million due to inappropriately calculating its tax valuation allowance.
Current Status of Case:
Lead Plaintiffs filed an amended complaint (the “Complaint”) on May 29, 2020. Defendants filed a Motion to Dismiss the Complaint on July 28, 2020. On January 26, 2021, the Court issued an order denying Defendants’ Motions to Dismiss. Plaintiffs filed a Motion for Class Certification on April 30, 2021. Class Certification was granted on October 6, 2021. Trial is scheduled for July 12, 2022. On November 2, 2021, the parties represented that they had reached a settlement agreement. On November 24, 2021, a Notice of Motion and Motion for Order for Preliminary Approval of a Proposed Settlement was filed. The Motion was taken under advisement on December 17, 2021. This action is still ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.