Press release from Business Wire
Law Firm of Wohl & Fruchter LLP Announces Investigation of JAKKS Pacific, Inc.
Thursday, July 18, 2013
Law Firm of Wohl & Fruchter LLP Announces Investigation of JAKKS Pacific, Inc.18:10 EDT Thursday, July 18, 2013
NEW YORK (Business Wire) -- The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of JAKKS Pacific, Inc. (JAKKS) (NASDAQ: JAKK).
On July 17, 2013, after the market close, JAKKS slashed its full-year forecast of revenue and earnings, citing disappointing sales from two new licensed brands and a shift in children's playing preference to electronic devices. In response, the Company said it would suspend its dividend, and implement a restructuring plan involving a “substantial reduction of leased space, employees and other overhead expenses.”
On the news, JAKK dropped over 39% from a close of $11.48/share on July 17, 2013, to a close of $6.99/share on July 18, 2013.
Wohl & Fruchter's investigation concerns whether JAKKS management concealed from investors, among other things, the negative impact that the shift in children's preference for electronic devices was having on sales of the Company's more traditional toys.
Persons with relevant information, and JAKK shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/jakk.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter
845-425-4658 or Toll Free 866-833-6245