Lawsuit Claims Hasbro Misled Investors Regarding Sales of Controversial Magic: the Gathering Anniversary Set

A new lawsuit filed by shareholders of Hasbro against the company and its directors alleges that company leadership has mismanaged Magic: The Gathering by overprinting sets of cards, thereby devaluing existing ones. It also, quite notably, claims that Hasbro leadership "concealed the true reason" that its widely-criticized, incredibly expensive Magic: The Gathering 30th Anniversary Set was pulled from sale within an hour of its initial release.

The lawsuit, filed in Rhode Island earlier this week, is filed by shareholders Joseph Crocono and Ultan McGlone against Hasbro CEO Christian Cocks, a number of fellow company directors, and Hasbro itself. The lawsuit alleges breaches of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement, abuse of control, and violations of the Exchange Act.

Specifically, the shareholder plaintiffs claim that, under Cocks' leadership, Hasbro has been printing far too many Magic: The Gathering sets, thereby reducing the value of existing sets. This complaint probably sounds familiar to avid Magic players, as Wizards of the Coast has been printing significantly more sets per year than it used to. This handy chart made in 2022 by jacobwillson2727 at Only on Tuesdays helps illustrate the problem, and it's only gotten worse in the years since: