 Mattel sold the circus corporation by December 1973, despite its profit contributions, as Mattel showed a $29.9 million loss in 1972.In 1974, an investigation found Mattel guilty of issuing false and misleading financial reports, which lead to the banishing of Elliot and Ruth Handler from their own company.Arthur S. Spear, a Mattel vice president, took control of the company in 1975, who returned the company to profitability in 1977.