Chinese holding company Camsing International fired back at Stan Lee's one billion dollar lawsuit against POW! Entertainment, a company Camsing bought last year, calling the suit "meritless" and "preposterous".

Camsing says POW! Entertainment "has not been served with the complaint" and had to review it in the media. The 405 embedded a copy of the suit in its coverage here.

Camsing said in a statement, "The complaint is completely without merit. In particular, the notion that Mr. Lee did not knowingly grant POW! Entertainment the exclusive rights to his creative works or his identity is so preposterous that the Company has to wonder whether Mr. Lee is personally behind this lawsuit."

Continuing, "There is no question that Mr. Lee–who along with his daughter was and remains a substantial POW! Entertainment shareholder—clearly understood the terms of the agreements he signed. The evidence, which includes Mr. Lee's subsequent statements and conduct, is overwhelming and the Company looks forward to presenting it in court. When and if the complaint is properly served, POW! Entertainment will respond in a timely and appropriate manner through legal channels."

Stay with The 405 for more on this as we hear it.