Sterling Heights Police and Fire Retirement System filed a suit Wednesday against popular toy company Mattel alleging the company regularly delayed contacting them about possible defects in its toys.

“By consistently refusing to abide by federally mandated rules governing disclosure of product safety issues, Mattel has failed its stakeholders and regrettably used its illegal, drawn-out reporting to mislead investors as well as to cover up profit-taking by company insiders,” said Jay Eisenhofer, who represents the Sterling Heights pension fund, in a statement.

"Those actions add up to a breach of trust in the extreme, especially since Mattel's disclosure violations placed millions of children at risk of serious injury."

The suit, filed in Delaware, states that members of the pension fund feel Mattel was slow to inform them about concerns with lead paint and ingestible magnets with its toys, according to a news release from Delaware-based law firm Grant & Eisenhofer.

No one from Mattel immediately responded to calls seeking comment.

“While no one is accusing Mattel of intentionally bringing shoddy and dangerous toys to market, our suit makes the case that the company has repeatedly shirked its responsibilities under the law to come clean with regulators, consumers and investors when problems have arisen with its products that could jeopardize public safety, especially when those problems could lower sales and put a dent in earnings,” Eisenhofer said in the release.

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