Levi & Korsinsky appointed Lead Counsel in Class Action Against Mattel Inc.
Published October 9, 2017
On September 29, 2017, United States District Court Chief Judge Virginia A. Phillips appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the consolidated class action lawsuit against Mattel, Inc. entitled Waterford Township Police and Fire Retirement System v. Mattel, Inc. et al, 2:17-cv-04732 VAP (KSx) (C.D. Cal.). In the order appointing Lead Counsel, Judge Phillips noted that the firm’s attorneys have “experience litigating securities class action suits such as this one” and that the firm “has litigated such actions successfully in the past.”
The class action alleges that Mattel issued materially false and misleading statements and/or failed to disclose that Mattel’s retail customers were loaded with extremely high levels of unsold Mattel product, and that as a result, Mattel was exposed to heightened risk that it would have to issue its retailers financial concessions to remove the excess inventory, as well as a heightened risk that Mattel would experience slower sales growth in future periods.