Hasbro is being sued for printing too many Magic: The Gathering cards

A lawsuit alleging that Hasbro misled investors by overprinting Magic: The Gathering cards, subsequently damaging the health of the card game, has been filed by shareholders of the company.

The complaint, filed in the United States District Court for the District of Rhode Island on January 8, 2026, names current and former executives and directors, alleging gross mismanagement, waste of corporate assets, and misleading disclosures.

While the filing spans multiple areas of Hasbro’s business, Magic: The Gathering is repeatedly cited in the 76-page document.

What the court filing says about Magic: The Gathering

According to the complaint, Magic: The Gathering had become one of Hasbro’s most lucrative products during the period covered by the lawsuit, with sales and collector interest closely tied to card scarcity and long-term value.

The plaintiffs allege that analysts and investors repeatedly raised concerns that Hasbro was overprinting Magic products, which they say risked saturating the market and reducing the value of existing cards on the secondary market.

“Given the nature of Magic’s secondary market, the rate at which new Magic card sets are printed and sold directly impacts the value of existing Magic cards to collectors. As such, the overprinting of new Magic sets would reduce the value of existing Magic sets.”

The filing claims that Hasbro leadership publicly denied overprinting concerns in investor communications.

“Although analysts and investors consistently inquired as to whether the Company was, in fact, overprinting Magic sets, the Individual Defendants repeatedly denied such speculation.”

The complaint then references a November 2022 Bank of America report warning that Magic products were being overprinted and that this could damage the brand over time.

Overprinting was driven by a need to generate revenue and offset poor performance elsewhere in Hasbro’s business, it’s claimed. The filing further argues that the strategy contributed to the devaluation of existing Magic cards and inventory management issues, while investors were not fully informed of those risks.