POW! Entertainment, Stan Lee's one-time business partners and defendants named in a lawsuit reportedly filed by Lee in Los Angeles Superior Court, have issued a statement regarding Lee's purported legal action (via The Hollywood Reporter).
The statement reads as follows:
“The allegations are completely without merit. In particular, the notion that Mr. Lee did not knowingly grant POW! exclusive rights to his creative works or his identity is so preposterous that we have to wonder whether Mr. Lee is personally behind this lawsuit. There is no question Mr. Lee — who, along with his daughter, was and remains a substantial POW! shareholder — clearly understood the terms of the agreements he signed. The evidence, which includes Mr. Lee’s subsequent statements and conduct, is overwhelming and we look forward to presenting it in court.”
Lee is seeking a full dissolution of his contract with POW! as well as a $1 billion financial settlement stemming from the lawsuit's claim that POW! fraudulently altered their contract with Lee to grant themselves exclusive rights to his name and likeness rather than the allegedly agreed upon terms that would have granted POW! only a partial license to Lee's name and likeness.