SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in JAKKS Pacific, Inc. of Class Action Lawsuit and Upcoming
Deadline -- JAKK
NEW YORK, Aug. 23, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against JAKKS Pacific,
Inc. ("JAKKS" or the "Company") (Nasdaq:JAKK) and certain of its officers.
The class action, filed in United States District Court, Central District of
California, and docketed under 13-cv-5487-ODW, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of JAKKS between July 17, 2012 and July 17, 2013 both dates
inclusive (the "Class Period"). This class action seeks to recover damages
against the Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased JAKKS securities during the Class
Period, you have until September 23, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
JAKKS is a leading designer, producer, marketer and distributors of toys and
related consumer products.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business
and operations. Specifically, Defendants made false and/or misleading
statements concerning, and/or failed to disclose, among other things: (i) the
extent of the negative impact that the shift in children's preference for
electronic devices was having on sales of the Company's more traditional toys;
(ii) the extent of the negative impact from poor sales of various of the
Company's licensed toy properties; and (iii) that as a result, the Company's
financial statements were materially false and misleading at all relevant
On July 17, 2013, after the market close, JAKKS slashed its full-year forecast
of revenue and earnings, citing poor sales in light of a marked 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 this news, JAKK shares fell $4.48 approximately 39%
percent from a close of $11.48 per share on July 17, 2013, to a close of $7.00
per share on July 18, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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