Funko, Inc. (NASDAQ: FNKO)
Hagens Berman Sobol Shapiro LLP alerts investors in Funko, Inc. (NASDAQ: FNKO) to the August 27, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Western District of Washington.
If you purchased or otherwise acquired shares of FNKO pursuant and/or traceable to its November 1, 2017 initial public offering and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing FNKO@hbsslaw.com.
On November 2, 2017, Bloomberg reported: “In Funko’s IPO prospectus, in a chart with a big arrow pointing up, the company says that an important measure of its income, which it uses to determine the success of its operational strategies, rose by an average of 86 percent in its past two full years. The actual bottom line, though, was up an average of just 16 percent in 2015 and 2016 and has turned negative lately. Funko lost just more than $10 million in the first half of this year. How the toymaker gets a loss of $10 million to reflect back as an 86 percent earnings increase is the latest example of fun-house accounting on Wall Street.”
This news drove the price of Funko shares down $4.93, or 41% below the IPO price, to close at $7.07.
“We’re focused on investors’ losses and Defendants’ representations in Funko’s IPO prospectus,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Funko should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FNKO@hbsslaw.com.
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