A group of investors allege that Hasbro’s CEO, the former president of its Wizards of the Coast subsidiary, and other company officials have “devalued” the brand through overproduction.

In documents filed with the US District Court of Rhode Island, they claim the company was “printing a volume of Magic sets which exceeded consumer demand” and was “overloading the market with Magic sets to generate revenue and to offset shortfalls”.

Tens of millions of people play Magic: The Gathering, which became Hasbro’s first billion-dollar brand in 2022.

However, some fans have also criticised the glut of new cards in recent years, especially a range of limited-edition offers and tie-ins with other brands.

Hasbro has not commented on the lawsuit, which alleges breaches of fiduciary duty, securities law violations, unjust enrichment, and gross mismanagement.