Press release from Business Wire
The Rosen Law Firm Announces Investigation of Securities Claims Against JAKKS Pacific, Inc. – JAKK
Friday, July 19, 2013
The Rosen Law Firm Announces Investigation of Securities Claims Against JAKKS Pacific, Inc. – JAKK11:40 EDT Friday, July 19, 2013
NEW YORK (Business Wire) -- The Rosen Law Firm, P.A. announces that it is investigating potential securities claims against JAKKS Pacific, Inc. (NASDAQ: JAKK) resulting from allegations that the Company may have issued materially inaccurate statements about the Company's true financial condition and prospects.
On July 17, 2013, JAKKS announced its second quarter financial results, which significantly missed the Company's previously issued guidance which had been reaffirmed in April 2013. JAKKS' second quarter results included charges for significant license minimum guarantee shortfalls of $14.1 million and inventory impairment of $12.2 million. JAKKS noted that poor performance of several of the Company's key properties contributed to the shortfall. As a result, JAAKS revised 2013 guidance from earnings of $0.63- $0.68/share to a loss of $2.56/share. JAKKS also suspended its dividend. This news caused JAKKS shares to lose over 39% of its value on July 18, 2013.
The Rosen Law Firm is prepring a securities class action lawsuit on behalf of JAKKS investors. If you purchased JAKKS stock prior to July 18, 2013 please visit the website at http://rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. or Kevin Chan of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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The Rosen Law Firm P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
275 Madison Avenue 34th Floor
New York, New York 10016
Toll Free: 1-866-767-3653