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Mattel Receives Subpoena after Investigation into Whistleblower Letter Reveals Violation of SEC Rules

Ben KostyackbyBen Kostyack
February 28, 2020
in News, SEC
Reading Time: 1 min read
Mattel Receives Subpoena after Investigation into Whistleblower Letter Reveals Violation of SEC Rules
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In its annual 10-K filing, Mattel Inc. recently revealed that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding a whistleblower letter the toymaker received last August.

The company’s auditor received an anonymous letter, which alleged accounting errors. The auditor sent the letter onto Mattel. An internal investigation found violations of SEC rules. First, the lead audit partner of the external auditor hid from the company that it understated its income tax expenses by $109 million in 2017’s third quarter while overstating it by a similar amount in the fourth quarter. However, there was no impact on full-year results since they were non-cash errors. The investigation also found that the outside auditor made recommendations to Mattel for hiring decisions of senior financial positions.

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Reuters: Mattel receives SEC subpoena on whistleblower letter

The Motley Fool: Mattel Reveals SEC Subpoena Over Whistleblower Investigation

 

Image courtesy of Gage Skidmore

Tags: anonymous whistleblowerSECSEC Whistleblower
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Ben Kostyack

Ben Kostyack

Ben Kostyack is an Assistant News Editor for Whistleblower Network News. He writes about breaking whistleblower news, and False Claims Act whistleblowers, SEC whistleblowers, IRS whistleblowers, FCPA whistleblowers, and CFTC whistleblowers. Ben has a degree in Journalism with a minor in Economics from the University of Massachusetts Amherst. He was a communications intern at the whistleblower law firm Kohn, Kohn and Colapinto during the summer of 2018.

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