A lawsuit was filed on behalf of investors in Hasbro, Inc. (NASDAQ: HAS) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/09/2018 -- An investor, who purchased shares of Hasbro, Inc. (NASDAQ: HAS), filed a lawsuit over alleged violations of Federal Securities Laws by Hasbro, Inc. in connection with certain allegedly false and misleading statements.
Investors in shares of Hasbro, Inc. (NASDAQ: HAS) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Pawtucket, RI based Hasbro, Inc., together with its subsidiaries, operates as a play and entertainment company. On October 23, 2017, Hasbro, Inc. announced its third quarter 2017 financial results for the period ended October 1, 2017. Hasbro, Inc. reported that the United States and Canada were negatively impacted by the Toys "R" Us bankruptcy. This contributed to a 5% decline in the U.S. and Canada segment quarterly operating profit to $217.3 million, or 21.9% of net revenues, compared to $228 million, or 24.4% of net revenues in 2016. Hasbro's CEO stated that, "[a]s a result of the Toys "R" Us bankruptcy filing in the U.S. and Canada, there was a negative impact on our quarterly revenues and operating profit." And the Company's CFO warned that the challenges in the U.K. and Brazil were anticipated to continue for the remainder of the year and sales would be up only 4% to 7% from a year ago in the fourth quarter.
According to the complaint the plaintiff alleges on behalf of purchasers of Hasbro, Inc. (NASDAQ: HAS) common shares between April 24, 2017 and October 23, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 24, 2017 and October 23, 2017, the defendants knew or recklessly disregarded that Hasbro's relationship with Toys "R" Us was becoming increasingly important to Hasbro's business, as Toys "R" Us was the primary retail brick-and-mortar toy store in the United States, and that Toys "R" Us was in far worse financial condition than was being publicly reported and it would have to dramatically scale back its operations or file for bankruptcy and liquidate, that Hasbro was experiencing significant undisclosed adverse sales issues in two key markets – the United Kingdom and Brazil – which were negatively impacting the Company's efforts to grow sales in those markets, and that as a result of this information being withheld from the market, the price of Hasbro common stock was artificially between April 24, 2017 and October 23, 2017 to over $115 per share and Hasbro insiders were able to sell $147 million worth of their personally held Hasbro stock to the public at inflated prices.
Those who purchased shares of Hasbro, Inc. (NASDAQ: HAS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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