New York Attorney General Barbara Underwood on Thursday announced a lawsuit against Target, Walmart and LaRose Industries for allegedly importing and selling children's toys contaminated with lead.

The lawsuit, which was filed in Albany County Supreme Court, alleges the companies violated multiple New York State laws - including those related to selling hazardous toys, as well as deceptive acts and false advertising - by importing, distributing, selling, or holding for sale thousands of Cra-Z-Jewelz kits in New York between 2015 and 2016, according to a statement released by the attorney general's office.

The suit seeks civil penalties from the retailers and LaRose for the alleged violations, and a court order to require the companies to implement additional measures to ensure they do not again sell children's toys containing high level of lead in New York.

"No parent should have to worry that their child's toy may be toxic. As we allege, these companies imported and sold toys with dangerous levels of toxic lead - jeopardizing the health of New York's children and breaking the law," said Underwood.

Shares of Target and Walmart declined 1.87 percent and 0.26 percent respectively after the news came out.