LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Hasbro, Inc. ("Hasbro" or the "Company") (NASDAQ:HAS) investors of a class action representing investors that bought securities between February 7, 2022 to October 25, 2023, inclusive (the "Class Period"). Hasbro investors have until January 13, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On January 26, 2023, Hasbro previewed its fourth-quarter results for fiscal year 2022, admitting that revenue would decline by 17% year-over-year, despite previous claims of a strong 2022 holiday season. The company also disclosed plans to lay off 15% of its global workforce in response to weakening sales, followed by the immediate departure of Eric Nyman, the then-Chief Operating Officer. Following this announcement, Hasbro's stock price dropped by $5.17 per share, or approximately 8%, from $63.78 on January 26, 2023, to close at $58.61 on January 27, 2023.
On October 26, 2023, Hasbro released its third-quarter financial results for fiscal year 2023, revealing an 18% year-over-year decline in Consumer Product revenues and significantly lowered guidance for the remainder of the year. The company also forecasted approximately $50 million in one-time costs related to moving excess inventory at the retail level, increased marketing efforts, and additional obsolescence costs in its Consumer Product segment. This news caused Hasbro's stock to drop by $6.38 per share, or about 11%, from $54.75 on October 25, 2023, to close at $48.37 on October 26, 2023.
The complaint alleges that throughout the class period, Hasbro’s executives made false and misleading statements regarding the quality of the company’s inventory. The lawsuit claims that Hasbro misrepresented rising inventory levels as a sign of strong demand, when in fact it reflected excess supply due to declining consumer demand.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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