Hasbro Shareholders Drop Magic: The Gathering Lawsuit Alleging C-suite Overprinted Cards, Deceived Customers

Hasbro shareholders who filed a suit past period against the company, alleging its absorption was overprinting Magic: The Gathering Cards, breaching its fiduciary duty, and deceiving consumers, person decided to driblet the suit.

A announcement of voluntary dismissal filed past week (and spotted by Rhode Island Current) shows Joseph Crocono and Ultain McGlone dropping the lawsuit without prejudice, suggesting they whitethorn effort to record again astatine a aboriginal date. There are nary further details successful the announcement arsenic to the crushed the suit was dropped.

The lawsuit, filed successful January, alleged breaches of fiduciary duty, unjust enrichment, discarded of firm assets, gross mismanagement, maltreatment of control, and violations of the Exchange Act connected the portion of Hasbro management. Its superior assertion revolved astir the thought that enactment was steering the institution poorly by overprinting paper sets, thereby devaluing the existing ones and putting the institution connected way to fiscal ruin. In particular, it named the culprit arsenic Universes Beyond and Secret Lair, alleging that the institution was teeing up the crossover sets to merchandise immoderate clip the different segments of its concern were struggling and the institution needed currency to marque up for the shortfall.

And indeed, Hasbro subsidiary Wizards of the Coast has been printing much sets successful caller years than successful the past, though its gross has been expanding on with it. In fact, upon its past net call, it was revealed that Magic conscionable had its astir palmy twelvemonth ever, successful nary tiny portion acknowledgment to the precise sets that the suit claims were astatine issue.

Additionally, the suit claimed that Hasbro absorption fundamentally faked being retired of banal of the controversial, highly costly Magic 30th Anniversary Set successful bid to promote demand, sharing testimonies from erstwhile institution enactment claiming that they had opted to "pause" income to springiness the quality of the merchandise being retired of stock. With the suit dismissed, the merit of this anecdote successful peculiar remains up successful the air. It is worthy noting that successful the weeks since the lawsuit, Wizards of the Coast has enactment retired different controversial, weirdly-priced paper offering successful its "Prints Charming" Secret Lair set, which consists of 5 identical listings, each astatine antithetic prices.

Magic: The Gathering is gearing up for its Teenage Mutant Ninja Turtles set, which releases connected March 6.

Rebekah Valentine is simply a elder newsman for IGN. Got a communicative tip? Send it to [email protected].