Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Hasbro, Inc. who purchased shares between February 7, 2022 and October 25, 2023.
Hasbro and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 26, 2023, pre-market, the Company announced its results for 3Q2023, disclosing an 18% decline in Consumer Product revenues year-over-year, “driven by exited businesses, soft industry trends and prioritization of inventory management across both owned and retail inventory” and revised its full year guidance for Consumer Product to an expected revenue decline of 13% to 15%, compared to the previously forecast 3% to 6% decline.
On this news, the price of Hasbro’s shares fell $6.38 per share, or 11.7%, from a closing price of $54.75 per share on October 25, 2023, to a closing price of $48.37 per share on October 26, 2023.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 13, 2025 to request that the court appoint them lead plaintiff.