Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Mattel Inc. (NASDAQ: MAT) stock plummeted by more than 18% after announcing it would downgrade its 2019 forecast due largely to slowing demand for its Barbie doll.
If you’re a MAT investor, we may be able to help you recover your losses from Mattel.
Recover your MAT stock losses
You may be able to recover your stock losses in a securities lawsuit. Free consultations.
Mattel Announces Strong Q4 2018 Earnings; CEO boasts of growth
On February 7, 2019, Mattel released its fourth quarter 2018 earnings, beating analyst expectations and sales predictions. On an investor conference call, CEO Ynon Kreiz stated:
“2018 was a great year for Barbie, which sustained growth and continued momentum globally… We look forward to celebrating her 60th anniversary throughout 2019…”
Mattel Announces Downgraded 2019 Forecast; Stock Plummets Over 18%
Eight days later on February 15, 2019 during an analyst meeting, Mattel announced it would downgrade its 2019 forecast, reporting a slowing demand for its Barbie doll. Reuters published an article on the company’s adjusted forecast noting that it came
“barely a week after the company said strong holiday sales of Barbie drove a surprise fourth quarter profit.”
The Wall Street Journal also published an article on Mattel’s adjusted outlook, noting:
“Mattel’s decision to announce an adjusted outlook just a week after earnings is bizarre” and further stating “[M]attel isn’t as healthy as it made out. Management should have been candid about that when it reported earnings instead of letting investors get unjustly excited.”
Following this news, shares of MAT dropped by more than 18% to close at $13.82 on February 15, 2019, which was reported to be the worst one-day decline for the company in a decade.
Our Securities Lawyers Have a Winning Record Against Many Multinational Companies Like Mattel
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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