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Mattel shares spike after earnings beat, new CFO named after whistleblower probe ends

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Mattel shares spike after earnings beat, new CFO named, whistleblower probe ends

Shares of Mattel jumped as much as 20% in extended trading Tuesday after the company posted better-than-expected earnings for the third quarter and announced it would be hiring a new chief financial officer in the wake of a whistleblower investigation.

The company said auditors had completed their investigation into allegations that the company had made accounting errors in historical periods. Auditors determined that income tax expense was understated by $109 million in the third quarter of 2017, and overstated by $109 million in the fourth quarter of 2017, with no impact for the full year, the company said.

 

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