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Mattel agrees to pay $3.5 million fine to SEC after financial alleged misstatements

mattel-agrees-to-pay-$3.5-million-fine-to-sec-after-financial-alleged-misstatements

Toy company Mattel Inc. MAT, +2.96% agreed to pay $3.5 million to settle charges related to alleged misstatements in third and fourth-quarter 2017 financial statements, the Securities and Exchange Commission announced Friday. Mattel miscalculated a tax-related valuation allowance in both quarters and did not correct the error until November of 2019, according to the SEC. The company agreed to pay the civil penalty without admitting or denying the regulators findings, and the SEC said that the fine amount “took into account the company’s cooperation” with the regulator during its investigation.

Source: Marketwatch

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