Press release from Business Wire
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against JAKKS Pacific, Inc.
Monday, September 16, 2013
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against JAKKS Pacific, Inc.20:15 EDT Monday, September 16, 2013
LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber 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 JAKKS Pacific, Inc. (“JAKKS” or the “Company”) (NASDAQ:JAKK) securities between July 17, 2012 and July 17, 2013 (the “Class Period”).
JAKKS develops, produces and markets toys and consumer products in the United States and internationally. The Company offers traditional toys as well as action figures and accessories based on the Monsuno, Batman, Ultimate Fighting Champion, Total Non-Stop Action wrestling and Pokémon franchises.
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 above-described Class, you may move the Court no later than September 23, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class, you may retain counsel of your choice or take no action and remain an absent member of the Class. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber, Los Angeles
Todd M. Garber, Attorney at Law