Toy Maker Mattel Hit With Reporting Roadblocks: IT Deficiencies Delay 2023 Annual Report

Toymaker Mattel Inc MAT, acknowledged that it encountered delays in submitting its 2023 annual report due to identified deficiencies.

According to the company, the deficiencies related to information technology represented a material weakness in its internal control over financial reporting.

However, Mattel reassured that the deficiencies are not anticipated to materially impact the financial disclosures.

Mattel affirmed its commitment to filing the annual report by March 15, emphasizing ongoing efforts to address the situation.

Last month, Mattel disclosed its financial outcomes for the fourth quarter and the entirety of 2023, which transpired on February 7, reported Reuters.

Earlier in February, the company faced pressure from activist investor Barington Capital, advocating for strategic evaluations concerning the Fisher-Price and American Girl brands, and advocating for a division between the roles of CEO and chairman.

With a market capitalization of approximately $6.5 billion, Mattel has been exploring ways to leverage its intellectual property through ventures such as films, including upcoming projects featuring Hot Wheels, Uno, and Barney.

Price Action: MAT shares closed higher by 0.20% at $19.70 on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo by 8th.creator on Shutterstock