HARTFORD, Conn., Nov 8 -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the securities of JAKKS Pacific, Inc. (Nasdaq: JAKK) ("JAKKS") between February 17, 2004 and October 19, 2004 (the "Class Period").
The Complaint alleges that during the Class Period, JAKKS violated federal securities laws by issuing materially false and misleading public statements. On October 19, 2004, JAKKS announced that it was "engaged in discussions with WWE [World Wrestling Entertainment] concerning the restructuring of its toy license and with WWE and THQ with respect to the restructuring of the JAKKS THQ Joint Venture video games license agreement with WWE." In response to the announcement of the problems with the WWE licenses, the price of JAKKS stockcdeclined from $24.15 per share on October 18, 2004, to $18.81 per share on October 19, 2004. Then, after the market closed for trading, it was reported that the WWE had just filed a lawsuit against JAKKS which alleged that the videogame license and certain toy licenses that WWE had previously granted to JAKKS were obtained through a pattern of racketeering and commercial bribery and seeking, among other things, that the licensing agreements be declared void. Following this announcement, on the next day of trading, the price of JAKKS common stock continued to fall to close at $12.96 per share on extremely heavy trading volume.
If you are a member of the class, you may, no later than January 4, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at firstname.lastname@example.org. To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net