Corporate
Oct. 31, 2019
Probe into Mattel now completed, with help from O’Melveny & Myers
Aided by O’Melveny & Myers LLP, the Audit Committee’s investigation into whistleblower allegations involving Mattel Inc.’s accounting practices found that there were errors in income tax expense reports and net losses for two quarters in 2017. At the conclusion of the investigation, the toy company has emerged successful and reported a jump on solid earnings on Tuesday.
After the conclusion of an independent investigation that questioned the accuracy of its accounting practices and reporting, toymaker Mattel Inc.’s stock jumped 20.5% Tuesday.
A probe was launched after a whistleblower letter was publicized Aug. 8, citing errors the company made in its 2017 income tax expenses.
The letter also questioned whether Mattel’s auditor was independent.
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