JAKKS Pacific (JAKK) Files Suit Against Former Exec. Over Cabbage Patch-Related Licensing

JAKKS Pacific, Inc. (Nasdaq: JAKK) shares are on watch following news of a lawsuit related to Cabbage Patch Kids licensing.

According to the NY Post, JAKKS Pacific has had an exclusive license with Original Appalachian Artworks to sell Cabbage Patch products, which has been in force since 2004. However, a $20 million lawsuit alleges that former EVP Jeremy Padawer "breached fiduciary duties" in convincing Original Appalachian Artworks to give the license to Wicked Cool Toys, which Padawer is co-owner of.

Shares of JAKKS are lower at the start Monday.

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