Funko Inc (NASDAQ:FNKO) Investor Securities Class Action Lawsuit 10/18/2018

If you purchased shares of Funko Inc (NASDAQ:FNKO), you have certain options and for certain investors are short and strict deadlines running. Deadline: December 17, 2018. NASDAQ:FNKO investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Funko
Case Name: 
Funko Shareholder Class Action Lawsuit 10/18/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FNKO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/18/2018
Class Period Begin: 
11/01/2017
Class Period End: 
10/18/2018
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
12/17/2018
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 Funko’s initial public offering (“IPO”) on or about November 1, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of the securities of Funko, Inc. (NASDAQ:FNKO) pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with Funko’s initial public offering on or about November 1, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the documents filed in connection with the IPO contained materially false and/or misleading statements and/or failed to disclose that: (1) Funko’s profits and growth were not as positive as Funko represented; (2) Funko’s business model and customer base had not insulated it from adverse industry, sales, and earnings trends; and (3) as a result, defendants’ statements in the Registration Statement regarding Funko’s business, operations and prospects were materially false and/or misleading. When the true details entered the market, the lawsuit claims that investors suffered damages.

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.”