Author Archive: Betty Taylor

Law Firms Investigating Claims By Holders of Puerto Rico Debt, Including COFINA Bonds

Attorney Advertising

PLANTATION, FL, UNITED STATES, July 25, 2017 /EINPresswire.com/ — Ackerman, Link & Sartory, P.A. and David A. Weintraub, P.A. are investigating investors’ potential claims against UBS Financial, Merrill Lynch and other broker dealers related to investments in Puerto Rico debt.

On May 30, 2017, United States District Court Judge Laura Taylor Swain ordered “a freeze on all disbursements” to investors holding bonds known as COFINA’s. COFINA’s are paid from local sales-tax revenues. The immediate impact of the ruling was the placement into escrow of the $16.3 million bond payment that was recently due. Subsequent monthly payments will also be placed into escrow. COFINA bondholders are also owed a $277 million payment due on August 1; 2017. That payment will also likely be placed into escrow.

COFINA bondholders who were lead to believe that COFINA payments would be superior to general obligation bondholders’ claims, may be able to recover their investment losses in arbitration against the broker dealer who sold them the bonds.

Potential claimants may discuss legal options and/or the possibility of pursuing claims in arbitration by contacting Scott Link at 561-838-4100 or David A. Weintraub at 800.718.1422. Ackerman Link & Sartory and David A. Weintraub, P.A. are separate law firms that would jointly represent potential claimants.

Contact:
Scott J. Link
Ackerman Link & Sartory
777 S. Flagler Dr., Suite 800 East
West Palm Beach, FL 33401-6161

Telephone: 561-838-4100

David Weintraub
David A. Weintraub, P.A.
(954) 693-7577
email us here

MATTEL LOSS ALERT: Rosen Law Firm Reminds Mattel, Inc. Investors of Important Deadline in Class Action – MAT

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Mattel, Inc. (NASDAQ:MAT) from October 20, 2016 through April 20, 2017, inclusive (the “Class Period”) of the important August 28, 2017 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Mattel investors under the federal securities laws.

To join the Mattel class action, go to http://rosenlegal.com/cases-1154.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Mattel’s business and prospects, including that prior to and during the Class Period, Mattel’s retail customers were loaded with extremely high levels of unsold Mattel product and, as a consequence, Mattel was exposed to the heightened risk that it would have to issue its retailers financial concessions (in the form of sales adjustments, discounts and promotions) to remove such excess inventory, as well as the heightened risk that Mattel would experience slower sales growth in future periods. As a result of defendants’ false statements and/or omissions, Mattel shares traded at artificially inflated prices of more than $33 per share during the Class Period. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 28, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1154.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

/EIN News/ —

Contact Information:
                    Laurence Rosen, Esq.
                    Phillip Kim, Esq.
                    Kevin Chan, Esq.
                    The Rosen Law Firm, P.A.
                    275 Madison Avenue, 34th Floor
                    New York, NY  10016
                    Tel: (212) 686-1060
                    Toll Free: (866) 767-3653
                    Fax: (212) 202-3827
                    lrosen@rosenlegal.com
                    pkim@rosenlegal.com
                    kchan@rosenlegal.com
                    www.rosenlegal.com
                    

SKY SOLAR ALERT: Rosen Law Firm Reminds Sky Solar Holdings, Ltd. Investors of Important Deadline in Class Action  – SKYS

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the American Depositary Shares of Sky Solar Holdings, Ltd. (NASDAQ:SKYS): (1) pursuant and/or traceable to Sky Solar’s initial public offering on or about November 18, 2014; and/or (2) on the open market from November 14, 2014 through June 12, 2017, inclusive (the “Class Period”) of the important August 15, 2017 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Sky Solar investors under the federal securities laws.

To join the Sky Solar class action, go to http://rosenlegal.com/cases-1145.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint alleges that defendants during the Class Period made false and misleading statements and/or failed to disclose that: (1) Sky Solar’s Code of Business Conduct and Ethics and its enforcement by the Board of Directors were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (2) consequently, Sky Solar’s founder Weili Su was involved in undisclosed misconduct during his tenure at Sky Solar; and (3) as a result, Sky Solar’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1145.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising.  Prior results do not guarantee a similar outcome.

Contact Information:
                    Laurence Rosen, Esq.
                    Phillip Kim, Esq.
                    Kevin Chan, Esq.
                    The Rosen Law Firm, P.A.
                    275 Madison Avenue, 34th Floor
                    New York, NY  10016
                    Tel: (212) 686-1060
                    Toll Free: (866) 767-3653
                    Fax: (212) 202-3827
                    lrosen@rosenlegal.com
                    pkim@rosenlegal.com
                    kchan@rosenlegal.com
                    www.rosenlegal.com

/EIN News/ —

GM NOTICE: Rosen Law Firm Reminds General Motors Company Investors of Important July 26 Deadline in Class Action Filed by Firm – GM

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of General Motors Company (NYSE:GM) from February 27, 2012 through May 25, 2017, inclusive (the “Class Period”) of the important July 26, 2017 lead plaintiff deadline in the first filed class action commenced by Rosen Law Firm. The lawsuit seeks to recover damages for General Motors investors under the federal securities laws.

To join the General Motors class action, go to http://www.rosenlegal.com/cases-1136.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) General Motors installed three distinct defeat devices in over 700,000 trucks with Duramax diesel engines from 2011 to 2016 to beat emissions tests in the U.S.; (2) in turn, these trucks emit up to five times the legal limit of nitrogen oxide pollutants; and (3) as a result, General Motors’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 26, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1136.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising.  Prior results do not guarantee a similar outcome.

/EIN News/ —

Contact Information:
                    Laurence Rosen, Esq.
                    Phillip Kim, Esq.
                    Kevin Chan, Esq.
                    The Rosen Law Firm, P.A.
                    275 Madison Avenue, 34th Floor
                    New York, NY  10016
                    Tel: (212) 686-1060
                    Toll Free: (866) 767-3653
                    Fax: (212) 202-3827
                    lrosen@rosenlegal.com
                    pkim@rosenlegal.com
                    kchan@rosenlegal.com
                    www.rosenlegal.com

PINGTAN NOTICE: Rosen Law Firm Reminds Pingtan Marine Enterprise Ltd. Investors of Important Deadline in First Filed Class Action – PME

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Pingtan Marine Enterprise Ltd. (NASDAQ:PME) from August 8, 2016 through May 10, 2017, inclusive (the “Class Period”) of the important August 22, 2017 lead plaintiff deadline in the first filed class action commenced by Rosen Law Firm. The lawsuit seeks to recover damages for Pingtan investors under the federal securities laws.

To join the Pingtan class action, go to http://www.rosenlegal.com/cases-1125.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Pingtan is banned from Indonesia; (2) Pingtan has used investor capital to finance illegal activity; and (3) as a result, Pingtan’s public statements were materially false and misleading at all relevant times. On May 10, 2017, Aurelius Value published a report on Pingtan asserting, among other things, that Pingtan is specifically banned from Indonesia and Pingtan financed widespread illegal activity with investor capital. On this news, shares of Pingtan fell $1.16 per share or over 28% to close at $2.95 per share on May 10, 2017, damaging investors.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 22, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1125.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising.  Prior results do not guarantee a similar outcome.

Contact Information:
                          Laurence Rosen, Esq.
                          Phillip Kim, Esq.
                          Kevin Chan, Esq.
                          The Rosen Law Firm, P.A.
                          275 Madison Avenue, 34th Floor
                          New York, NY  10016
                          Tel: (212) 686-1060
                          Toll Free: (866) 767-3653
                          Fax: (212) 202-3827
                          lrosen@rosenlegal.com
                          pkim@rosenlegal.com
                          kchan@rosenlegal.com
                          www.rosenlegal.com

/EIN News/ —

BAH SECURITIES NOTICE: Rosen Law Firm Reminds Booz Allen Hamilton Holding Corporation Investors of Important Deadline in Class Action – BAH

NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Booz Allen Hamilton Holding Corporation (NYSE:BAH) from May 19, 2016 through June 15, 2017, inclusive (the “Class Period”) of the important August 18, 2017 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Booz Allen investors under the federal securities laws.

To join the Booz Allen class action, go to http://rosenlegal.com/cases-1147.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint alleges that defendants during the Class Period made false and misleading statements and/or failed to disclose that: (1) Booz Allen engaged in improper accounting practices in its contracts with the U.S. government; (2) consequently, the Company’s revenues derived from services provided to the U.S. government were inflated and unsustainable; (3) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny, potential criminal sanctions, and jeopardize its business relationship with the U.S. government; and (4) as a result of the foregoing, Booz Allen’s public statements were materially false and misleading at all relevant times.

On June 15, 2017, post-market, Booz Allen disclosed that on June 7, 2017, the Company’s subsidiary Booz Allen Hamilton Inc. “was informed that the U.S. Department of Justice is conducting a civil and criminal investigation relating to certain elements of [its] cost accounting and indirect cost charging practices with the U.S. government.” On this news, Booz Allen’s share price fell $7.43, or 18.89%, to close at $31.90 on June 16, 2017. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 18, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1147.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

/EIN News/ —

Contact Information:
                    
                    Laurence Rosen, Esq.
                    Phillip Kim, Esq.
                    Kevin Chan, Esq.
                    The Rosen Law Firm, P.A.
                    275 Madison Avenue, 34th Floor
                    New York, NY  10016
                    Tel: (212) 686-1060
                    Toll Free: (866) 767-3653
                    Fax: (212) 202-3827
                    lrosen@rosenlegal.com
                    pkim@rosenlegal.com
                    kchan@rosenlegal.com
                    www.rosenlegal.com

Notice to Oanda Forex Trading Customers: Zamansky LLC Investigates Oanda’s Trading Spreads on Foreign Exchange Contracts

Zamansky LLC

New York, NY (Law Firm Newswire) July 25, 2017 –
Zamansky LLC announces that it is investigating OANDA Corp. (“OANDA”) on behalf of its foreign exchange trading customers.

OANDA is one of the largest online foreign exchange trading platforms in the United States. It offers anyone the ability to trade foreign exchange (“Forex”) contracts which usually trade among banks and large institutions in the major interbank system.

For years, OANDA has advertised that it allegedly offers “low spreads,” “competitive spreads” and “transparent” pricing with no hidden fees. As a result of its advertising, OANDA has become one the largest online Forex trading platforms and processes an average of $10 billion of Forex trades daily. The investigation concerns whether OANDA’s alleged pricing and spreads charged to its customers were truthfully and accurately represented in its sales and marketing materials.

What OANDA Customers Can Do

If you are or were an OANDA Forex trading customer and believe that you may have been charged a spread that was too high or charged any hidden “interest” fees, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at [email protected]

About Zamansky LLC

Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.

To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com
Contact:
Zamansky LLC
50 Broadway – 32nd Floor
New York, NY 10004
212-742-1414

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IMPORTANT EQUITY ALERT: Lundin Law PC Announces Securities Class Action Lawsuit against Quadrant 4 System Corporation and Encourages Investors with Losses to Contact the Firm

/EIN News/ — LOS ANGELES, July 24, 2017 (GLOBE NEWSWIRE) — Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Quadrant 4 System Corporation (“Quadrant” or the “Company”) (Other OTC:QFOR) for possible violations of federal securities laws between August 14, 2012 and June 30, 2017, inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the September 5, 2017 lead plaintiff motion deadline.

To participate in this class action lawsuit, click here.

You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.

No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.

According to the Complaint, throughout the Class Period, Quadrant made false and/or misleading statements and/or failed to disclose: that former CEO Nandu Thondavadi and former CFO Dhru Desai engaged in an accounting fraud scheme that misled investors; that Thondavadi and Desai stole more than $4 million from the Company; that Thondavadi and Desai caused the Company to understate its liabilities, inflate its revenues and assets and evaded scrutiny by lying to Quadrant’s auditors and providing them with forged and doctored documents; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. When this information reached the public, shares of Quadrant fell in value materially, which caused investors harm according to the Complaint.

Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethics rules.

Contact:
                    
                    Lundin Law PC
                    Brian Lundin, Esq.
                    Telephone: 888-713-1033
                    Facsimile: 888-713-1125
                    brian@lundinlawpc.com
                    http://lundinlawpc.com/

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ONE WEEK DEADLINE: Lundin Law PC Announces a Securities Class Action Lawsuit against Zoompass Holdings, Inc. and Reminds Investors with Losses to Contact the Firm

/EIN News/ — LOS ANGELES, July 24, 2017 (GLOBE NEWSWIRE) — Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Zoompass Holdings, Inc. (“Zoompass” or the “Company”) (Other OTC:ZPAS) for possible violations of federal securities laws from April 24, 2017 through May 24, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired Zoompass shares during the Class Period should contact the firm prior to the July 31, 2017 lead plaintiff motion deadline.

To participate in this class action lawsuit, click here.

You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.

No class has been certified in the above action yet, and until a class is certified, you are not considered represented by an attorney. You may choose to do nothing and be an absent class member as well.

According to the Complaint, throughout the Class Period, Zoompass made materially false and misleading statements, and/or failed to disclose material information, specifically: that the Company unlawfully engaged in a scheme to promote the Company’s stock; that discovery of this conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and that as a result, Zoompass’ public statements were materially false and misleading at all relevant times. 

On May 9, 2017, the Company revealed that it had been “made aware of and requested by the OTC Markets Group, Inc. to comment on recent trading and potential promotional activity.” On May 25, 2017, Seeking Alpha published an article claiming that the Company erroneously denied that it was associated with a scheme to promote its stock; and concealed that its CEO was engaged in a purported pump-and-dump scheme. When this information reached the public, shares of Zoompass lowered in value, which caused investors harm according to the Complaint.

Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.

This press release may be considered Attorney Advertising in certain jurisdictions under the applicable law and rules of ethics.

Contact:
                    
                    Lundin Law PC
                    Brian Lundin, Esq.
                    Telephone: 888-713-1033
                    Facsimile: 888-713-1125
                    brian@lundinlawpc.com
                    http://lundinlawpc.com/

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Mattel, Inc. of Class Action Lawsuit and Upcoming Deadline – MAT

NEW YORK, July 21, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Mattel, Inc. (“Mattel” or the “Company”) (NASDAQ:MAT) and certain of its officers.   The class action, filed in United States District Court, Central District of California, Western Division, and docketed under 17-cv-04953, is on behalf of a class consisting of investors who purchased or otherwise acquired Mattel securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Mattel securities between October 20, 2016 and April 20, 2017, both dates inclusive, you have until August 26, 2017 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Mattel, Inc. designs, manufactures, and markets a broad variety of children’s toy products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel’s products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) prior to and during the Class Period, Mattel’s retail customers were loaded with extremely high levels of unsold Mattel product; (ii) as a result of Mattel’s unusually high levels of unsold inventory at its retailers, Mattel was exposed to the heightened risk that it would have to issue its retailers financial concessions (in the form of sales adjustments, discounts and promotions) to remove such excess inventory, as well as the heightened risk that Mattel would experience slower sales growth in future periods; and (iii) as a result of the foregoing, Mattel’s public statements were materially false and misleading at all relevant times.   

On April 20, 2017, post-market, Mattel issued a press release announcing its Q1 2017 financial results for the period ending March 31, 2017. For the quarter, the Company reported that, on a year-over-year basis, worldwide net sales and gross margins each declined by more than 15%, and its operating loss increased by more than 158% to $127.0 million from $49.1 million.

Mattel’s Q1 2017 results took securities analysts by surprise and were significantly below Wall Street consensus estimates. In fact, Mattel’s 15% net sales decline during the quarter was twice the 7.8% decline expected by Wall Street analysts and its reported Q1 2017 gross margins were 520 basis points less than expected Wall Street consensus estimates.

After the issuance of the Q1 2017 earnings release, Mattel held a conference call with securities analysts and investors. During the conference call, Mattel’s Chief Financial Officer stated, in pertinent part, that “[w]hat we didn’t expect was the prolonged impact from the retail inventory overhang and the resulting slower pace of reorders by retailers, with sales in North America and Europe particularly impacted.”

Upon these revelations, the price of Mattel stock fell nearly 14%, or $3.42 per share, on heavy trading volume to close at $21.79 per share on April 21, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
                    Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com

/EIN News/ —