Funko Inc (NASDAQ:FNKO) Investor Securities Class Action Lawsuit 11/16/2017

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Company Name(s): 
Funko
Case Name: 
Funko Shareholder Class Action Lawsuit 11/16/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FNKO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/16/2017
Summary: 

An investor in shares of Funko Inc (NASDAQ:FNKO) filed a lawsuit iver alleged violations of Federal Securities Laws by Funko Inc in connection with the Company’s initial public offering (“IPO”), held on or about November 3, 2017.

According to the complaint the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants violated Sections 11, 12, and 15 of the Securities Act of 1933, as amended, by making allegedly materially misleading statements and by omitting material facts necessary to make the statements made therein not misleading.

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.”

Shares of Funko Inc (NASDAQ:FNKO) declined to $7.23 per share on December 15, 2017.