LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Hasbro, Inc. (“Hasbro” or the “Company”) (NASDAQ: HAS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On January 26, 2023, Hasbro disclosed that its fourth quarter 2022 financial results would see revenue lowered by 17% year-over-year and that, to combat weakening sales, the Company planned to lay off 15% of its global workforce. Further, the Company announce the immediate departure of its COO.
On this news, Hasbro’s stock price fell $5.17, or 8.1%, to close at $58.61 per share on January 27, 2023, thereby injuring investors.
Then, on October 26, 2023, Hasbro released its third quarter 2023 financial results, disclosed an 18% decline in Consumer Products revenues year-over-year and a reduced guidance for the remainder of the year. The Company further explained that it was forecasting “$50-ish million of onetime cost” that was to be spent on “mov[ing] through inventory at the retailer level, extra marketing to move through the inventory, [and] extra obsolescence cost” in its Consumer Products segment.
On this news, Hasbro’s stock price fell $6.38, or 11.7%, to close at $48.37 per share on October 26, 2023, thereby injuring investors further.
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If you purchased Hasbro securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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