The lawsuit alleges that Hasbro misrepresented its inventory levels to investors, claiming high purchasing was necessary to meet demand when it actually exceeded consumer needs.
Bernstein Litowitz Berger & Grossmann filed a complaint alleging that Hasbro was misleading investors about its inventory, maintaining it reflected demand when it was oversupplied.
Despite a significant revenue decline and a 15% workforce reduction in 2023, Hasbro reportedly insisted to investors that it did not face inventory issues.
Hasbro's COO stated the company was investing substantially in efforts to manage its excess inventory, while the lawsuit raises concerns of intentional misrepresentation.
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