Defendant Name:
Mattel, Inc.
Defendant Type:
Public Company
SIC Code:
3942
CUSIP:
57708110
Document Reference:
33-11122
Document Details
Legal Case Name
In the Matter of Mattel, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
21-Oct-2022
Document Format
Administrative Proceeding
AAER
4355
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On October 21, 2022, the SEC instituted settled cease-and-desist proceedings against Mattel, Inc., stating: "On August 8, 2019, Mattel disclosed in a Form 8-K that it was made aware of an anonymous whistleblower letter. The letter alleged accounting errors and questioned the independence of Joshua Abrahams (“Abrahams”), the then-lead engagement partner for Mattel with the company’s outside audit firm, PricewaterhouseCoopers LLP (“PwC”). Mattel terminated its pending $250 million senior notes offering, and its audit committee initiated an independent internal investigation. The audit committee’s investigation concluded that there were material misstatements in the tax-related valuation allowance for Q3 2017, which was understated by $109 million, and in the tax expense for Q4 2017, which was overstated by $109 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$3,500,000.00
Shared:
