LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) common stock between February 7, 2022, and October 25, 2023, inclusive (the “Class Period”). Hasbro investors have until January 13, 2025 to file a lead plaintiff motion.
If you suffered a loss on your Hasbro investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/Hasbro-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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 announce 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.
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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. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com