Jakks Pacific Inc. said Sunday tht a New York federal district court will dismiss a lawsuit from World Wrestling Entertainment Inc. that accused the toy maker of bribery and other actions.

The lawsuit by the wrestling promoter was looking to void toy and video game licenses.

The court is expected to give a full explanation of its decision shortly, according to Santa Monica-based Jakks.

State court litigation between the two companies was still pending, said the company, which has been WWE’s toy licensee since late 1995. WWE had sued Jakks in 2004, accusing the company of bribery to win a lucrative licensing agreement for toys based on wrestling superstars.

Shares of Jakks were up $2.46, or 9.8 percent, at $27.70 in late morning trading on Nasdaq.