Pomerantz Law Firm Issues Shareholder Alert for Hasbro Class Action Lawsuit Amid Significant Losses

Shareholder Alert: Hasbro Class Action Lawsuit

Pomerantz LLP has officially announced the filing of a class action lawsuit against Hasbro, Inc. (NASDAQ: HAS), targeting shareholders who suffered losses on their investments. The law firm urges investors who purchased or acquired Hasbro securities during the specified class period to come forward. Affected shareholders are advised to connect with Danielle Peyton from Pomerantz via email or phone to discuss their potential inclusion in the lead plaintiff role.

The crux of the lawsuit revolves around allegations that Hasbro and its executives engaged in securities fraud or violated laws related to business practices. This alerts investors to the risks associated with their investments, as well as the actions that can be taken during this litigation.

Notably, investors need to act quickly, with a deadline set for January 13, 2024, to request appointment as Lead Plaintiff. Detailed information about the complaint can be accessed through Pomerantz's website. Meanwhile, shareholders must provide relevant details such as their contact information and the number of shares purchased to ensure their concerns are documented.

In a recent disclosure on January 26, 2023, Hasbro announced disappointing fourth-quarter results for the fiscal year 2022. Despite prior claims of a strong holiday sales period, the company revealed a significant revenue drop of 17% compared to the previous year. In an effort to stabilize the situation, Hasbro revealed plans to eliminate 15% of its global workforce and disclosed unexpected executive changes, including the immediate departure of Chief Operating Officer, Eric Nyman.

The stock market reacted negatively to this news, with Hasbro's stock plummeting by $5.17 per share, or 8.1%, concluding trading on January 27, 2023, at $58.61.

Further complicating matters, Hasbro's third-quarter financial results for the fiscal year 2023, released on October 26, 2023, showcased a further reduction in consumer product revenues, down by 18% year-over-year. This alarming trend prompted a drastic cut in the company's financial guidance for the remaining months of the fiscal year. CFO Gina Goetter disclosed that the firm expected around $50 million in one-time costs associated with inventory clearance and marketing efforts.

In response, Hasbro's stock faced another decline, dropping $6.38 per share, or 11.7%, to $48.37 by the end of the trading day following the announcement.

Pomerantz LLP, which operates in major cities worldwide, is recognized as a leading law firm specializing in corporate, securities, and antitrust class litigation. Established by the late Abraham L. Pomerantz, the firm pioneered securities class actions and continues to champion the rights of investors affected by corporate misconduct. With over 85 years of experience, Pomerantz has successfully secured significant damages awards for class members in prior cases, highlighting their commitment to justice and accountability. Investors affected by Hasbro's situation are strongly encouraged to assess their positions and consider joining the class action.

Inquiries can be directed to Pomerantz via the provided contacts for relevant assistance related to the lawsuit.