Whistleblower Letter Craters Mattel Stock
It seems that for every step Mattel (NASDAQ: MAT) takes forward it takes two steps back, which has made it difficult for the company to gain any traction on the turnaround management has been trying to orchestrate for more than four years.
In a somewhat abrupt filing with the Securities and Exchange Commission (SEC) late Thursday, Mattel revealed that it became aware of an anonymous whistleblower letter on Aug. 6, though the company declined to disclose the exact nature of the allegations contained in the missive. To give the company time to investigate the claims, Mattel said it was terminating the sale of the company's 6% senior notes, due in 2027, that was scheduled to close on Aug. 8.
After the revelation late Thursday, Mattel stock plunged nearly 16% on Friday. This adds to a series of bizarre developments and serious missteps that have plagued the company in recent years.
Source Fool.com
