PROVIDENCE, R.I. — Members of retirement systems nationwide that purchased Hasbro Inc. stock are joining in a lawsuit, accusing the Pawtucket toy maker of misleading investors about its financial health and artificially inflating prices as executives sold off millions of dollars in personally held shares to an “unsuspecting” public.

The City of Warren Police and Fire Retirement System in Michigan, and pension funds elsewhere, have sued Hasbro in federal court in Rhode Island over losses the retirement systems sustained in from April 24, 2017, through Oct. 23 of the same year.

The lawsuit, brought in late September, preceded by months news that “difficult” changes are underway that affect “a single-digit percentage” of Hasbro’s 5,000-person workforce. The company has refused to provide specifics about the number of layoffs involved or what changes are in store.

The allegations include that Hasbro officials downplayed the extent to which the company relied on sales from the financially faltering Toys “R” Us, and that it misled analysts and investors about adverse sales conditions in Brazil and the United Kingdom.

In addition, they accuse the company of artificially inflating the price of Hasbro common stock in a manner that enabled its executives, including Hasbro Chairman and CEO Brian Goldner, to collectively sell off more than $147 million in personally held Hasbro stock while causing others to invest at inflated prices.

The company denied the allegations through a spokeswoman Wednesday.

“The claims have no merit and we intend to vigorously defend against them,” Julie Duffy wrote in an email.

John Tarantino, a lawyer representing Hasbro, did not immediately return a phone call seeking comment.

According to the lawsuit, the retirement systems brought the action based on an investigation that examined reviewing Hasbro’s filings with the Securities and Exchange Commission, security analysts’ reports and advisories; press releases and public statements by the company; and news reports.

The lawsuit alleges that the company and its executives violated federal securities law by disseminating misleading statements and failing to disclose key facts, including the sagging health of its foreign sales and the precarious financial condition of one of its major customers, Toys “R” Us.

The toy retailer sought bankruptcy protection in fall 2017 and closed all its U.S. stores, including one in Warwick, the following spring. Hasbro stocks declined in the aftermath.

Additionally, the lawsuit says company officers violated security law by causing the company to engage in wrongful conduct while privately holding Hasbro stocks.

The retirement systems allege that company directors were “further motivated” to misrepresent the company’s prospects “in order to profit from selling” Hasbro stock.

According to the lawsuit, Goldner and eight senior executives and directors sold 1.4 million shares, totaling upward of $147 million in gross proceeds. During the time frame named, the suit says, Goldner collected $22 million in proceeds, while John Frascotti, company president, gained $4.7 million. Alan Hassenfeld, the former chairman and CEO of Hasbro, sold 1 million shares, collecting $104 million in proceeds.

Hassenfeld declined to comment on the pending litigation.