SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Reminds Investors of FCAU, MMSI and MAT of Upcoming Deadlines

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WILMINGTON, Del., Jan. 15, 2020 (GLOBE NEWSWIRE) -- reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:

Class Period: February 26, 2016 – November 20, 2019Lead Plaintiff Deadline: January 31, 2020

According to the Complaint, on November 20, 2019, while the market was open, General Motors (“GM”) filed a racketeering lawsuit against the Company in the Eastern District of Michigan styled as General Motors LLC, et al. v. FCA US LLC et al., Case No. 2:19-cv-13429-PDB-DRG, for damages caused by a bribery scheme perpetuated by UAW and the Company.  According to the lawsuit, the illegal activity was authorized by the high-level officers of the Company, including Defendant Marchionne, and helped the Company win union acceptance of cost concessions in 2011 and 2015.  The lawsuit also contended that Fiat executives bribed UAW leaders to pressure GM into a merger with Fiat.

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Class Period: February 26, 2019 – October 30, 2019Lead Plaintiff Deadline: February 3, 2020

According to the Complaint, on July 25, 2019, Merit announced disappointing second quarter 2019 financial results and cut its fiscal 2019 sales and earnings per share outlook.  Defendants attributed the reductions to a variety of factors, including “slower than anticipated conversion and uptake of acquired products.”  On this news, the Company’s stock price declined more than 25%.  Then, on October 30, 2019, the Company announced its third quarter 2019 financial results, reporting adjusted earnings per share well below consensus estimates, and slashed fiscal 2019 revenue and earnings per share guidance by 20%.  Furthermore, defendants stated that, in addition to the fiscal 2019 guidance cut, “2020 guidance [was] off the table” until they had reasonable confidence in their forecasting ability, and reported significant operational issues in all aspects of Merit’s business, conceding that many of these failures were due to their “own overestimation and forecasting.”

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Class Period: October 26, 2017 – August 8, 2019Lead Plaintiff Deadline: February 24, 2020

According to the Complaint, on August 1, 2019, Mattel announced that it would offer $250 million of Senior Notes due 2027 (the “Note Offering”).  The Company said that it would use the net proceeds from the sale of the Notes, plus cash on hand, to redeem and retire all of its 4.350% Senior Notes which would be due in 2020 and pay related prepayment premiums and transaction fees and expenses.

Then, on August 8, 2019 - the very day the Note Offering was expected to close - Mattel shocked investors when it announced that a whistleblower letter had been sent to the Company’s outside auditors alleging accounting errors in past quarters and questioned whether Mattel’s outside auditor was sufficiently independent.  As a result, the Company announced that it was terminating the Senior Note Offering subject to the results of an internal investigation.

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If you would like to discuss any of these lawsuits and your rights , please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242,  by e-mail at or at .

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Attorney advertising.  Prior results do not guarantee a similar outcome.

CONTACT: 

Rigrodsky & Long, P.A.Seth D. RigrodskyTimothy J. MacFall(888) 969-4242(516) 683-3516Fax: (302) 654-7530

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Globe Newswire: 05:00 GMT Wednesday 15th January 2020

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