“It’s been a huge cloud hanging over the stock,” Johnson said. A WWE spokesman did not immediately comment on the federal lawsuit’s dismissal. Reporting by Gina Keating; Editing by Richard Chang A WWE spokesman did not immediately comment on the federal lawsuit’s dismissal. Jakks Pacific issued a press release today to announce that video game-maker THQ is filing a lawsuit in Los Angeles, California claiming they are "not ready to make a decision" on whether to renew WWE's video game license based on the "joint venture" agreement between Jakks and THQ. LOS ANGELES (Reuters) - THQ and its joint venture partner, Jakks Pacific Inc, settled litigation with World Wrestling Entertainment Inc over licenses for wrestling-themed video games and toys, the companies said on Tuesday. THQ has filed a lawsuit against Jakks Pacific accusing its WWE partner of extending the official WWE contract without its permission. (Refiling to delete “CORRECTED” from headline) (Recasts; adds stock movement, analyst comments, lawsuit background, WWE spokesman) Jakks said late on Sunday that state court litigation between the two companies was still pending. THQ filed suit against Jakks Pacific in a separate court case over the use of the WWE license in video games. Shares of Jakks were up $2.46, or 9.8 percent, at $27.70 in morning Nasdaq trade after rising as high as $28.33.

“However, the lawsuit is far from being over, and litigation at the state level is still pending,” the note said. World Wrestling Entertainment today announced that the company has filed suit against video game publisher and WWE license holder THQ, toy manufacturer Jakks Pacific… Shares of toy maker Jakks Pacific Inc. plunged 22% on Tuesday after the Malibu company was sued by the licensor of a popular line of wrestling video games. The company has been WWE’s toy licensee since late 1995. The three companies had sued each other over enforcement of the contract, which began in 1999 and was set to expire on December 31. The comprehensive opinion from the U.S. District Court for the Southern District of New York, with the reasons for the decision, will appear “in short order,” Jakks said. (Reporting by Justin Grant and Karey Wutkowski; Editing by Lisa Von Ahn) The settlement calls for THQ and Jakks to dissolve their joint venture at year’s end, and for THQ to enter into a new, 8-year licensing agreement directly with WWE starting January 1, 2010, the companies said in a press release. The settlement calls for the companies to withdraw all claims and end all litigation without any party admitting to wrongdoing, the companies said. Under the settlement, THQ will pay WWE $13.2 million, and pay Jakks Pacific $20 million over the next four years in addition to royalties due for the period ending December 31. WWE sought undisclosed damages and a declaration that an amendment to its toy licenses with Jakks was void and unenforceable. Analysts estimated that THQ and Jakks each made about $20 million a year from the WWE deal. Jakks… Under the settlement, THQ will pay WWE $13.2 million, and pay Jakks Pacific $20 million over the next four years in addition to royalties due for the period ending December 31. Jakks Pacific sent out this press release today, claiming victory in the lawsuit filed against them by WWE since it has been dismissed: JAKKS Pacific Prevails in WWE State Court Lawsuit …

The WWE had sued Jakks in 2004, accusing the company of bribery to win a lucrative licensing agreement for toys based on wrestling superstars. Sterne Agee is maintaining its “hold” rating on Jakks shares, the firm said in a research note, but noted that the dismissal of the federal lawsuit was a positive development. By James Caldwell, Torch assistant editor .

On the New York Stock Exchange, WWE was down 10 cents at $15.66. BMO Capital Markets analyst Gerrick Johnson said he was waiting for the full opinion, but it would be extremely positive for the company if both the federal and state actions were dismissed. Bristol, PA, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Wicked Cool Toys and its co-founder, Jeremy Padawer, were sued by rival toymaker JAKKS Pacific (NASDAQ: JAKK) in … Shares of Jakks were up $2.46, or 9.8 percent, at $27.70 in morning Nasdaq trade after rising as high as $28.33.

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