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Case Status:    ONGOING    
On or around 09/28/2018 (Ongoing date of last review)

Filing Date: September 28, 2018

Plaintiff's law firm issued a press release on September 28, 2018, announcing the lawsuit. According to the press release, the Complaint charges Hasbro, Inc. ("Hasbro" or the "Company") and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Hasbro’s business and prospects. Specifically, Defendants knew or recklessly disregarded that Hasbro’s relationship with Toys “R” Us was becoming increasingly important to Hasbro’s business, as Toys “R” Us was the primary retail brick-and-mortar toy store in the United States, and that Toys “R” Us was in far worse financial condition than was being publicly reported and it would have to dramatically scale back its operations or file for bankruptcy and liquidate. In addition, Hasbro was experiencing significant undisclosed adverse sales issues in two key markets – the United Kingdom and Brazil – which were negatively impacting the Company’s efforts to grow sales in those markets. As a result of this information being withheld from the market, the price of Hasbro common stock was artificially during the Class Period to over $115 per share and Hasbro insiders were able to sell $147 million worth of their personally held Hasbro stock to the public at inflated prices.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Recreational Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HAS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Rhode Island
DOCKET #: 18-CV-00543
JUDGE: Hon. William E. Smith
DATE FILED: 09/28/2018
CLASS PERIOD START: 04/24/2017
CLASS PERIOD END: 10/23/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Motley Rice LLC
    600 Third Avenue, Suite 2101, Motley Rice LLC, NY 10016
    (212) 577-0040 (212) 577-0054 ·
  2. Robbins Geller Rudman & Dowd LLP (Manhattan)
    52 Duane Street, 7th Floor, Robbins Geller Rudman & Dowd LLP (Manhattan), NY 10007
    212.693.1058 212.693.7423 ·
  3. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available