Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Mattel is suing competitor MGA Entertainment for allegedly stealing the concept for the popular Bratz doll by recruiting former Mattel employees and convincing them to surrender valuable trade secrets. The creators of the classic doll, Barbie, filed papers in the U.S. District Court in Central California claiming that it has sketches of the Bratz dolls produced by Carter Bryant before he left Mattel for MGA in 1999 or 2000. In 2004, Mattel alleged that Bryant had been giving ideas for Bratz to MGM while he was still working for Mattel, and violated intellectual property rights to the product. In response, MGM accused Mattel of getting "revenge on a few people who have chosen to work for a better, more innovative toy company after realizing that Mattel has lost touch with its consumers." Mattel executives did not comment.Top 10 Holiday Season Toys and Video Games -- Lycos • A Pre-Holiday Comeback for Elmo and Mattel • New Extreme Elmo Doll Tickles Parents' Wallets • Jim Cramer Prefers Hasbro to Mattel
Related links: Media coverage: Bizjournals.com. Commentary:
Potentially impacted stocks and ETFs: Mattel (NASDAQ:MAT), Hasbro (NASDAQ:HAS), JAKKS Pacific Inc. (NASDAQ:JAKK)
Seeking Alpha is not affiliated with AP.