Barbie's founder jokes in the 'Barbie' movie about getting in trouble with the IRS. Here's what actually happened.
In November of that year, Mattel, the Handlers, and the company's outside auditors settled five shareholder suits that accused the toymaker of issuing misleading financial statements and suggested that it had overstated its $34 million pretax income in 1971 by betweeen $15 and $20 million, perUnder the settlement, around $30 million was paid to shareholders and the Handlers surrended two million Mattel shares.
The indictment alleged that they did this so that they could acquire other companies and borrow funds from the Bank of America. Handler and Rosenberg also filed false information in a Bank of America loan application, the indictment said.that showed it making more than $10 million more in sales than it actually did and that Handler and Rosenberg concealed false financial statements from its external auditors.
After the news articles came out, she was sent"spiraling ever downward in shame and humilation," she wrote. She started taking the freight elevator in her apartment building to avoid the stares of the other residents and stopped visiting her country club."I was desperate to hide from the public," she wrote.before changing it to no contest, telling the court that she had lost her"zeal to fight.
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