LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court Western District of Washington (Docket Number: 2:18-cv-00481) on behalf of persons and entities that acquired the common stock (“stock” or “shares”) of Funko (NasdaqGS: FNKO) pursuant and/or traceable to the Company’s false and/or misleading registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s November 1, 2017 initial public offering (“IPO” or the “Offering”), seeking to pursue remedies under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (the “Securities Act”). Funko investors have 60 days from the date of this notice to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Funko page on our website at www.glancylaw.com/case/funko-inc. Investors that suffered losses on their Funko investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
Funko is a pop culture consumer products company that sells a broad range of pop culture consumer products, featuring characters from a range of media and entertainment content, including movies, TV shows, video games, music and sports. Its products combine its proprietary brands and designs into properties it licenses from content providers.
The lawsuit claims 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.
On November, 2 2017, Bloomberg published an article entitled “Funko Extends Playtime to Its Accounting,” stating, among other things, that “[p]rofits . . . are slowing,” “just $7 million, or 10 percent, of Funko’s $69 million increase in adjusted Ebitda . . . was from actual earnings growth,” and questioning the Company’s claim of “intellectual property worth $250 million” which the article author claimed was “odd for a company whose main products are based on others’ intellectual property.” On this news, Funko’s stock price closed at $7.07 per share, which was a decline of $4.93, or 41%, from the IPO price of $12.00 per share. 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, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you acquired shares of Funko issued in connection with the IPO you have 60 days from the date of this notice to file a lead plaintiff motion to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.