Mattel Investors and Shareholders, take heart. After conducting a vigorous internal investigation following the investigation conducted at the instruction of the Securities and Exchange Commission, Mattel released a report to put everyone with a financial stake in the company at ease.
As of October 29th, Mattel has conclusive-ishly determined that it did practically nothing wrong in 2017. But just to demonstrate to all of its stakeholders that there is hardly anything to even kind of concern themselves with, they will be submitting to the IRS correction for 2018 reflecting the “allegedly”/totally proven false declarations entered regarding their 2017 cash on hand.
And of course, Mattel’s outside auditor was investigated for his part in those misdeeds and others, including using his position to recommend financial professionals for Mattel to hire. And after Mattel determined that he probably didn’t do any of those illegal things that would have really helped them out, he actually investigated himself and corroborated their findings that he was not problematic in the least in his role and should go ahead and just stay put. Phew!
(Reporter’s Note: I feel that I must interject here that the previous sentence is 100% true and Mattel actually included this information about having an auditor under suspicion investigate himself and find that he himself is cool. Just wanted to reiterate. That insane thing actually happened, and then they told us about it. Okay. Moving on.)
Now, you may be asking yourself, “What could possibly add the icing and sprinkles to this triple-layer cake of total relief and confidence restored in Mattel’s business practices?” Check out these quotes directly from their closing statements in the October 29th report to their stakeholders:
Mattel: “…Mattel has also elected to revise 2019 and prior periods for certain other immaterial, out-of-period adjustments.”
Wait a minute. Other adjustments were made in other periods outside of 2017? Have we even discussed this…?
Mattel: “These revisions are unrelated to the [Whistleblower’s] Letter or issues investigated by the Audit Committee.”
Hold on. There are other pressing issues requiring updates to legal financial documents that the stakeholders might not even know about yet?
Mattel: “This press release contains a number of forward-looking statements…”
I do feel really warm and fuzzy that you’re telling me the future looks safe and sound once we put all of this behind us.
Mattel: These forward-looking statements are…subject to a number of significant risks and uncertainties.
Mattel: Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.”
You mean like the law that forced you to own up to your false financial reporting and subsequent cover-up? Well, one thing is definitely for certain. It’s business as usual for our buddies over at Mattel.