Farocki & Farocki LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $100,000 in Hasbro (NASDAQ:) to contact him directly to discuss their options.
If you suffer losses exceeding $100,000 Hasbro Between February 7, 2022 and October 25, 2023 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 28, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) and reminds investors of January 13, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose the quality of inventory held by Hasbro, and represents that the high inventory levels reflect outstanding and anticipated stock levels. Demand, rather than excess supply outpacing dwindling demand. As a result of these misrepresentations, Hasbro's common stock traded at artificially inflated prices throughout the Class Period.
The reality began to set in on January 26, 2023, when the company reviewed its fourth-quarter results for fiscal 2022. Hasbro, after repeatedly touting the apparent strength of the 2022 holiday season, admitted that revenue would shrink by 17% compared to last year. -year. To combat weak sales, Hasbro announced it would lay off 15% of its global workforce, while simultaneously revealing the immediate resignation of its chief operating officer.
These disclosures caused Hasbro's stock price to decline by $5.17 per share, or more than 8%. However, the defendants continued to make false and reassuring statements to investors regarding the extent of the inventory backlog.
The truth was further revealed on October 26, 2023, when Hasbro announced its third-quarter fiscal 2023 financial results and shocked investors by revealing an 18% decline in consumer products revenue year-over-year, along with a significant reduction in guidance. For the rest of the year. Hasbro also revealed that it was anticipating “$50 million of one-time cost” which was to be spent on “moving through inventory at the retailer level, additional marketing for moving through inventory, (and) additional obsolescence cost” in the consumer products segment.
These disclosures caused Hasbro's stock price to fall another $6.38 per share, or more than 11%.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Hasbro's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234708
