NEW YORK, Aug. 2, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at JAKKS Pacific, Inc. ("JAKKS" or the "Company") (NASDAQ: JAKK).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the shift in children's preferences toward electronic games were having a detrimental impact on demand for the Company's more traditional toys; and (2) JAKKS' poor toy sales were having a heavy negative impact on the Company's licensed toy properties.
After market close on July 17, 2013, JAKKS shocked the market when it slashed the Company's full-year forecast for revenues and earnings. The Company cited poor sales caused by a shift in children's playing choices in favor of electronic devices. Moreover, the Company stated that it would suspend its dividend and implement a major restructuring and downsizing plan. On this disappointing news, JAKKS shares fell $4.48 or approximately 39% percent from a close of $11.48 per share on July 17, 2013, to a close of $7.00 per share on July 18, 2013.
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If you invested in JAKKS stock or options between July 17, 2012 and July 17, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/JAKK. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding JAKKS' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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