Investors Accuse Mattel, PwC Of Concealing $109M Tax Error

Law360 (February 3, 2020, 8:07 PM EST) -- Mattel and PwC misled investors by understating Mattel's income tax expenses by $109 million for the 2017 tax year and manipulating the company's accounting to hide it, according to an investor complaint recently filed in a California federal court.

Mattel Inc. investors should receive compensation for accounting errors on 2017 tax forms since those mistakes concealed the accurate financial condition of the company, the New Orleans Employees' Retirement System said in its proposed class action, filed Friday. Mattel incorrectly reported a tax valuation allowance of $561.9 for the third quarter 2017, the shareholders said. That value was understated by $109 million,...

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