LOS ANGELES, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming January 13, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Hasbro, Inc. (“Hasbro” or the “Company”) ( HAS) common stock between February 7, 2022, and October 25, 2023, inclusive (the “Class Period”).
IF YOU SUFFERED A LOSS ON YOUR HASBRO INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.
What Happened?
On January 26, 2023, Hasbro disclosed that its fourth quarter 2022 financial results would see revenue lowered by 17% year-over-year and that, to combat weakening sales, the Company planned to lay off 15% of its global workforce. Further, the Company announced the immediate departure of its COO.
On this news, Hasbro’s stock price fell $5.17, or 8.1%, to close at $58.61 per share on January 27, 2023, thereby injuring investors.
Then, on October 26, 2023, Hasbro released its third quarter 2023 financial results, disclosed an 18% decline in Consumer Products revenues year-over-year and a reduced guidance for the remainder of the year. The Company further explained that it was forecasting “$50-ish million of onetime cost” that was to be spent on “mov[ing] through inventory at the retailer level, extra marketing to move through the inventory, [and] extra obsolescence cost” in its Consumer Products segment.
On this news, Hasbro’s stock price fell $6.38, or 11.7%, to close at $48.37 per share on October 26, 2023, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had a significant buildup of inventory that it was struggling to manage and which far exceeded customer demand; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Hasbro securities during the Class Period, you may move the Court no later than January 13, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email: [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.
