TLDR
Two Hasbro shareholders filed a lawsuit in Rhode Island federal court alleging executives misled investors about Magic: The Gathering demand and overprinting.
The complaint argues Hasbro’s “segmentation” story did not match internal reality, and that overproduction helped prop up results while weakening long-term value.
The suit also claims Hasbro harmed itself by buying back shares at inflated prices, including an alleged $55.9 million overpayment tied to 2022 repurchases.
If you have ever looked at the MTG release calendar and felt like it was trying to win a volume discount at the printer, you are not alone. A new MTG overprinting lawsuit filed by two Hasbro shareholders claims top executives told investors one story about Magic: The Gathering demand while allegedly running a very different strategy behind the scenes.
According to coverage of the complaint, plaintiffs Joseph Crocono and Ultan McGlone filed suit on January 21 in the U.S. District Court for the District of Rhode Island, naming Hasbro CEO Chris Cocks, former Wizards of the Coast president Cynthia Williams, and other current and former leaders. The filing seeks a jury trial and alleges investors were misled about whether Magic was being overprinted and whether Hasbro’s product strategy was as intentional as publicly described.
https://www.law360.com/articles/2433754
What the MTG overprinting lawsuit alleges
In plain terms, the lawsuit claims Hasbro executives repeatedly denied overprinting concerns while allegedly knowing that Magic product volume was exceeding demand. Publicly, the company pointed to a “segmentation” strategy, meaning new releases were aimed at distinct customer groups. The complaint argues that story was incomplete at best, and that the real approach amounted to flooding the market with more Magic sets to offset weakness elsewhere in Hasbro’s business.
The lawsuit also claims Hasbro suffered direct financial harm from the alleged misstatements, because the company repurchased its own shares at prices inflated by overly rosy narratives. One set of figures cited in reporting is that Hasbro bought back about 1.4 million shares for roughly $125 million between April and July 2022, with the complaint alleging an overpayment of approximately $55.9 million. Hasbro did not publicly comment on the lawsuit at the time of those reports.
The timeline the complaint points to
The alleged “relevant period” described in reporting spans September 16, 2021 through October 26, 2023, covering multiple earnings calls and investor communications.
The complaint and related coverage highlight several moments that plaintiffs say revealed cracks in the narrative. One is a Bank of America report dated November 14, 2022, which warned that Hasbro was overproducing Magic and potentially damaging the brand’s long-term value, followed by a notable stock drop that day. The lawsuit also points to Hasbro’s January 26, 2023 update that included major restructuring and results that, according to the complaint’s framing, fell short of prior expectations. Another cited point is Hasbro’s October 26, 2023 earnings, which the lawsuit argues further undercut earlier assurances.
What happens next (and what it means for players)
A lawsuit is not a verdict. The MTG overprinting lawsuit still has to survive the early procedural grind: responses from defendants, potential motions to dismiss, and a long path before anything like discovery or trial becomes real. If nothing else, it formalizes a debate Magic players have been having for years, but this time the argument is happening in a courtroom instead of at the LGS singles case.
For actual players, the practical takeaway is mostly emotional, not mechanical. Your Commander pod is not going to suddenly change how combat works because a complaint used the phrase “overprinting.” But if you are proxying for casual play or playtesting, the same social rules still apply: be clear with your table, prioritize readability, and do not bring proxies to sanctioned events unless a judge issues an exception for damage during the event.
If you want the low-drama version of that, these two quick reads help: