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Funko Inc (NASDAQ:FNKO) Investor Securities Class Action Lawsuit 04/04/2018

  • If you purchased shares of Funko Inc (NASDAQ:FNKO), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2018. Funko Inc (NASDAQ:FNKO investors should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Funko Inc
Security
NASDAQ: FNKO

Case Name
Funko Shareholder Class Action Lawsuit 04/04/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of Washington

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Summary

An investor in shares of Funko Inc (NASDAQ:FNKO) filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged violations of Federal Securities Laws by Funko Inc in connection with certain allegedly false and misleading statements made in connection with the Company’s November 1, 2017 initial public offering (“IPO”).

According to the complaint the plaintiff alleges that the Company’s Registration Statement and Prospectus issued in connection with the IPO were materially misleading by failing to disclose known trends in the Company’s sales and inventory.
Everett, WA based Funko, Inc. is a pop culture consumer products company. Funko Inc reported that its annual Total Revenue rose from $274.06 million in 2015 to $426.72 million in 2016 and that its Net Income increased from $11.94 million in 2015 to $26.88 million in 2016.

Funko Inc went public in early November 2017 and its shares reached as high as $8.71 per share in early December 2017.

Since then Funko Inc has faced media scrutiny concerning what one outlet referred to as “fun-house accounting.” On January 5, 2017, Funko’s stock price closed at $6.12, which was a decline of $5.88, or 49%, from the IPO price of $12.00 per share.