NEW YORK, Aug. 9, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that it has expanded the class period in its first-filed class action against JAKKS Pacific, Inc. ("JAKKS") (Nasdaq:JAKK), to include all purchasers of JAKKS common stock between July 17, 2012 and July 17, 2013, inclusive.
To join the JAKKS class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, JAKKS and certain of its officers and directors issued materially false and misleading statements about the Company's true financial condition and prospects. On July 17, 2013, JAKKS announced its second quarter financial results, which significantly missed the Company's previously issued guidance which had been reaffirmed in April 2013. JAKKS' second quarter results included charges for significant license minimum guarantee shortfalls of $14.1 million and inventory impairment of $12.2 million. JAKKS noted that poor performance of several of the Company's key properties contributed to the shortfall. As a result, JAKKS revised 2013 guidance from earnings of $0.63- $0.68/share to a loss of $2.56/share. JAKKS also suspended its dividend. This news caused JAKKS shares to lose over 39% of its value on July 18, 2013
If you wish to serve as lead plaintiff, you must move the Court no later than September 23, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.