RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Hasbro, Inc. (NASDAQ: HAS) (“Hasbro” or the “Company”) common stock between April 24, 2017 and October 23, 2017, inclusive (the “Class Period”).
Hasbro shareholders may, no later than November 27, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Hasbro and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Hasbro is a global play and entertainment company that promotes its brands through immersive storytelling across mediums, including television, film, digital and more. Hasbro’s biggest customers are Wal-Mart Stores, Inc., Toys “R” Us, Inc. and Target Corporation, which accounted for approximately 18%, 9%, and 9% respectively, of its consolidated net revenues in fiscal year 2016. On September 19, 2017, Toys “R” Us filed for bankruptcy protection.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Class Period commences on April 24, 2017, when Hasbro issued a press release announcing its financial results for the first quarter of 2017 for the period ended April 2, 2017. On the same day, Hasbro held a conference call with analysts and investors to discuss the company’s earnings and operations. In his opening remarks, Brian D. Goldner, Hasbro’s CEO and Chairman of the Board, represented that the company was well-positioned to deliver profitable growth this year and in future years.
The complaint alleges that, on October 23, 2017, Hasbro issued a press release announcing its third quarter 2017 financial results for the period ended October 1, 2017. That same day, Hasbro held a conference call with analysts and investors to discuss their earnings and operations. During the conference call, Mr. Goldner acknowledged that the problems in the U.K. and Brazil that he previously didn’t see as a “long-term” issue are continuing. Following this news, the price of Hasbro common stock declined from $92.69 per share to $89.75 per share, and a precipitous drop from the class period high of $115.95, which was the price of the stock at the close on July 21, 2017.
The complaint alleges that during the Class Period, the defendants materially misled the investing public, thereby inflating the price of Hasbro common stock by publicly issuing false and misleading statements and omitting to disclose material facts necessary to make the defendants’ statements not false and misleading. Said statements and omissions were materially false and misleading in that they failed to disclose material adverse information and misrepresented the truth about Hasbro, its business and operations.
If you are a member of the class, you may, no later than November 27, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.