NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Hasbro, Inc. (“Hasbro” or the “Company”) (Nasdaq: HAS) securities between February 7, 2022, and October 25, 2023, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that on October 26, 2023, the Company announced its financial results for its fiscal year 2023 third quarter and disclosed an 18% decline in Consumer Product revenues year-over-year, “driven by exited businesses, soft industry trends and prioritization of inventory management across both owned and retail inventory.” Hasbro revised its full year guidance for Consumer Product, disclosing that it now expected a revenue decline of 13% to 15% for the Company, compared to the previously forecast 3% to 6% decline. It attributed this revision wholly to the Consumer Product segment. In the attendant earnings call, defendants revealed that the Company 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 declined by $6.38 per share, or 11.7%, from a closing price of $54.75 per share on October 25, 2023, to a closing price of $48.37 per share on October 26, 2023.
Investors who purchased or otherwise acquired shares of Hasbro should contact the Firm prior to the January 13, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
