Law Offices of Howard G. Smith reminds investors of the upcoming January 13, 2025 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) common stock between February 7, 2022, and October 25, 2023, inclusive (the “Class Period”).
Investors suffering losses on their Hasbro investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 common stock during the Class Period, you may move the Court no later than January 13, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241121151217/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
