NEW YORK, July 29, 2013 (GLOBE NEWSWIRE) -- 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, 2013 to 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 email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/jakks-pacific-jakk/.
Levi & Korsinsky is a national firm with offices in New York, 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 www.zlk.comSource:Levi & Korsinsky, LLP