Anon01/23/26, 11:16No.11685091
https://www.golocalprov.com/business/hasbro-ceo-cocks-and-execs-sued-for-alleged-securities-violations>In total, the Company spent an aggregate amount of approximately $125 million to repurchase approximately 1.4 million shares of its own common stock at artificially inflated prices from April 2022 to July 2022.
>“In order to account for shortfalls in other elements of the Company’s businesses, new Magic sets would thus be “parachuted in” to provide additional revenue.
>“The BofA Report observed that ‘Magic sales nearly doubled over the course of the pandemic’ and that ‘Hasbro has kept the growth going with more frequent set releases, more product in each set and wider distribution"
>BofA report further stated that the ‘increased supply’ of Magic had ‘caused distributors, collectors and local game stores to lose money on Magic,’” according to the lawsuit.Let's assume they're found guilty. It's a *civil* federal lawsuit, not a criminal one. So punishment would most likely be ''give the money you unfairly gained and we'll give it to the shareholders''. But that's pennies, so I doubt that's their goal. The real goal is to convince the judge to ban them from having CEO or board member roles ever again, meaning this is a coup to get the board taken over. Appointing Bowser and Vernon right now isn't a coincidence.Why I believe this? I think the shareholders are getting the hint the brands are going to shit.
>The lawsuit says, “As a result of Magic consumers’ 'growing frustration' with the ballooning number of Magic sets, the BofA report concluded, ‘We expect they’ll order less product in future releases.'"
>"As a direct and proximate result of the Individual Defendants’ conduct, Hasbro has lost and expended, and will continue to lose and expend, many millions of dollars."
Translation: "You're chasing the customers away you dipshits"
They could allege this about any brand but the problem is of course proving that.