STEVENSON, Md., July 29, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of JAKKS Pacific, Inc. ("JAKKS" or the "Company") (Nasdaq: JAKK ) common stock during the period between February 21, 2013 and July 17, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in JAKKS Pacific, Inc. common stock purchased on or after February 21, 2013, and held through the revelation of negative information on July 17, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 23, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that sales of Monsumo and Winx Club products in the United States were materially below expectations and could not be offset by increases in international sales, that the Company's products were aggressively marked down to clear out dated inventory, that children's play patterns and preferences were shifting away from the Company's core products, and that the lack of sales would require the Company to take charges for license minimum guarantee shortfalls of $14.1 million and inventory impairment of $12.2 million. According to the complaint, following the Company's July 17, 2013 disclosure that presented disappointing results for the second quarter of 2013 and drastically revised guidance for 2013, the value of JAKKS shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
