Two shareholders who brought a lawsuit against Hasbro and several of its executives over the firm's strategy for Magic: The Gathering have asked for their suit to be dismissed, dropping the case. But an earlier lawsuit - and the source of many of the claims that the abandoned case rested on - is still ongoing, with Hasbro's motion to dismiss it not yet resolved.
Joseph Crocono and Ultan McGlone filed a lawsuit in the Rhode Island District Court on January 21, claiming Hasbro CEO Chris Cocks, former CEO Cynthia Williams, and several other executives committed "knowing or highly reckless breaches of fiduciary duty and other misconduct" by misrepresenting the firm's strategy for printing Magic: The Gathering cards between September 16 2021 through October 26 2023. They submitted a motion for the court to dismiss the case "without prejudice" on February 17 this year - which does leave the legal door open for them to attempt to bring a different lawsuit on the same matter, should they wish to.
This isn't the only lawsuit facing Hasbro executives. Two retirement funds lodged a case against Cocks and Williams in the New York South District court in November 2024. This New York case is actually the source of many claims made in the Rhode Island case, and includes testimony from several anonymous ex-employees which, the plaintiffs argue, demonstrate that Hasbro's strategy for printing new MTG sets in 2022 was far more risky than the one its executives were promoting to investors via press releases and earnings calls.
On February 6 this year Cocks, Williams, and Hasbro filed a motion to dismiss the New York case, accompanied by transcripts of their earnings calls, press releases, and other evidence. The court has already ruled that the lead plaintiffs have until April 10 to file papers opposing the motion - and assuming they do that, Hasbro will then have until May 11 to respond again.
If you're a Magic player first and interested in lawsuits and investments second, you'll find a warm welcome in the Wargamer Discord community. To keep up to date with the most important stories on the site each week, sign up to the regular Wargamer newsletter.