[TheBlueMarvel]

Many Blackstar figures had that feature. More details would be helpful, such as scale. That said, the "laser lights" feature (the late seventies to early eighties was so awesome on the toy and 'toon front!) you refer to was popular back then with a few companies appropriating the concept. You are just a little older than me, but I vaguely remember a toy like that.

...I also thought it was Hypnos.