You might remember a few months ago Stan Lee announced that it was suing POW! Entertainment for a billion dollars. According to the suit, “Lee has macular degeneration — which causes deteriorating eyesight. The suit alleges that Pow! took advantage of his condition to get him to sign away an exclusive right to use his name to the Chinese company.”
Well. it was a misunderstanding and POW! has been working things out with Lee behind-the-scenes to straighten things out. Now Lee has withdrawn the lawsuit and is now excited about the future of POW! Entertainment.
Lee had this to say in a statement:
“The whole thing has been confusing to everyone, including myself and the fans, but I am now happy to be surrounded by those who want the best for me. I am thrilled to put the lawsuit behind me, get back to business with my friends and colleagues at POW! and launch the next wave of amazing characters and stories!”
Shane Duffy, CEO of POW! also released a statement saying:
“We are ecstatic that this ill-founded lawsuit has been dismissed and we look forward to working with Stan again to develop and produce the great projects that were put on hold when the lawsuit was filed. We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction.”
In the press release by POW! “will deal appropriately, through all legal means, with others who attempt to interfere with Stan’s well-being and his relationship with POW! and to prevent anything like this from happening again.”