Shareholder sues Mattel

Lawsuit contends firm misled its investors
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A lawsuit has been filed against Mattel on behalf of Sterling Heights Police and Fire Retirement System of Michigan, claming the firm failed to report serious defects in its toys

The lawsuit, which was filed yesterday in the Delaware Chancery Court, claims that Mattel purposely withheld information its toys posed a potential threat to the health and safety of users in order to protect it from financial loses, according to Reuters UK.

The suit said: "The tardiness of Mattel's disclosure of known dangers related to its latest recall is not an isolated one-off event - it is Mattel's way of doing business".

The lawsuit asks for compensatory and other damages related to the product recalls, including making timely disclosures to regulators.

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