Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against JAKKS Pacific, Inc.
Monday, July 29, 2013
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against JAKKS Pacific, Inc.12:48 EDT Monday, July 29, 2013
LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of the common stock of JAKKS Pacific, Inc. (“JAKKS” or the “Company”) (NASDAQ:JAKK) between February 21, 2013 and July 17, 2013 (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
JAKKS develops, produces and markets toys and consumer products in the United States and internationally. The Company offers traditional toys and electronics as well as novelty and seasonal toys and action figures and accessories primarily based on the Monsuno, Batman, Ultimate Fighting Champion, Total Non-Stop Action wrestling and Pokémon franchises. The Complaint alleges that defendants issued materially false and misleading statements or failed to disclose material adverse facts throughout the Class Period concerning the Company's financial condition and prospects.
On July 17, 2013 JAKKS announced its second quarter 2013 financial results, which included a net loss of $46.9 million for the quarter, and a reduction in its full-year 2013 financial guidance. According to the Company, “charges for license minimum guarantee shortfalls of $14.1 million and inventory impairment of $12.2 million” contributed to the disappointing results, in addition to “poor performance of several of our key properties…along with unusually cool weather that affected seasonal toy sales leading to more aggressive markdowns at retail.” As a result of this news, on July 18, 2013 the price of JAKKS stock fell approximately 39% below the previous day's closing price of $11.48 per share, to a closing price of $7.00 per share on July 18, 2013, on extremely heavy volume.
If you are a member of the Class described above you may move the Court no later than September 23, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Glancy Binkow & Goldberg LLP, New York, NY
(212) 682-5340 or (888) 773-9224