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Aug. 22, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of
California on behalf of investors who purchased JAKKS Pacific, Inc. ("JAKKS" or the "Company") (Nasdaq: JAKK) common stock during the period between
February 21, 2013 and
July 17, 2013.
Click here to learn more about the investigation
http://zlk.9nl.com/jakks-pacific-jakk/, or call: 877-363-5972. There is no cost or obligation to you.
The complaint alleges that the Company issued false and misleading statements about the Company's financial condition and prospects. On
July 17, 2013, the Company announced its second quarter financial results, which was significantly lower than the previously issued guidance, a guidance that was confirmed as recently as
April 2013. The Company's second quarter results included charges for license minimum guarantee shortfalls of
$14.1 million and inventory impairment of
$12.2 million. The Company stated poor performance of several key properties that contributed to the shortfall. Consequently, the Company revised 2013 guidance from earnings of
$0.63-$0.68/share to a loss of
$2.56/share, and also suspended its dividend. As result of this, the Company's shares dropped over 39% to its value on
July 18, 2013.
Shareholders of JAKKS have until
September 23, 2013to seek appointment as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact
Joseph E. Levi, Esq. either via email at
firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor
New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP