| COMPANY |
Hasbro, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-08633 |
| JUDGE |
The Hon. Vernon Speede Broderick |
| CLASS PERIOD |
February 7, 2022, through October 25, 2023 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS JANUARY 13, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On January 26, 2023, when Hasbro previewed its fourth quarter results for fiscal year 2022, Hasbro admitted that revenue would contract by 17% year-over-year, despite having repeatedly touted the apparent strength of the 2022 holiday season. Hasbro disclosed that it would be laying off 15% of its global workforce to combat weakening sales, followed by the announcement of Eric Nyman’s, the then-Chief Operating Officer, immediate departure from the company. On this news, the price of Hasbro shares declined by $5.17 per share, or approximately 8%, from $63.78 per share on January 26, 2023, to close at $58.61 on January 27, 2023.
Then, on October 26, 2023, when Hasbro announced its financial results for its fiscal year 2023 third quarter, it disclosed an 18% decline in Consumer Product revenues year-over-year, along with a significant reduction in guidance for the remainder of the year. Hasbro also revealed that it was forecasting $50-ish million of one-time cost that was to be spent on moving through inventory at the retailer level, extra marketing to move through the inventory, and extra obsolescence cost in its Consumer Product segment. On this news, the price of Hasbro fell by $6.38 per share, or approximately 11%, from $54.75 per share on October 25, 2023, to close at $48.37 on October 26, 2023.
The complaint alleges that, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.