Jakks Pacific Inc. said Wednesday that a federal appeals court dismissed a lawsuit brought by World Wrestling Entertainment Inc., which had accused the Malibu toy maker of bribery and other actions.

The U.S. Court of Appeals for the Second Circuit affirmed a ruling by the U.S. District Court for the Southern District of New York, which earlier dismissed the lawsuit, Jakks said. Wrestling promoter WWE wanted to void its toy and video game licenses with Jakks.

The announcement was made a few hours before trading ended for the day. Jakks shares closed down 46 cents, or 3.5 percent, to $12.49 on the Nasdaq.