A jury found Mattel Inc had not proven ownership of Bratz drawings and sculpts after a long trial against MGA Entertainment.

The legal battle over who owns the pouty-lipped Bratz dolls has been raging since 2004. A federal jury in 2008 ordered MGA and its CEO Isaac Larian to pay Mattel $100 million, but a federal appeals court threw out that ruling last year.

The verdict in the retrial was still being read in a Santa Ana, California, federal courtroom on Thursday morning.

Mattel's shares fell as much as 2.8 percent to a low of $26.17 after the first part of the verdict was announced, before bouncing back slightly to stand 1 percent lower. The stock had been roughly flat throughout the morning session.

(Reporting by Nichola Groom; Writing by Dan Levine and Dhanya Skariachan, editing by Maureen Bavdek)