NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of all persons or entities who purchased or otherwise acquired Funko, Inc. (NASDAQ: FNKO) shares pursuant and/or traceable to Funko’s Initial Public Offering (“IPO”) on or about November 1, 2017. Investors have until June 4, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that Defendants omitted to state: (1) that Funko’s profits and growth were not as positive as the Company represented; and (2) that, as a result of the foregoing, Defendants’ statements in the Registration Statement regarding Funko’s business, operations, and prospects, were materially false and/or misleading.
According to the complaint, the Funko "IPO saw the worst first-day return for a Wall Street IPO in 17 years, causing shares to drop a staggering 41% from their initial price of $12 to close at $7.07." Bloomberg reported that experts suspect that the flop was due to Funko's accounting practices, noting that the company lost more than $10 million in the first half of 2017. The report also noted that despite Funko's assertion that an important measure of its income rose by 86% in its past two full years, the company's bottom line was up an average of just 16% in 2015 and 2016 and had recently turned negative.
If you purchased or otherwise acquired Funko shares traceable to the IPO and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Funko, Inc. lawsuit, please go to http://www.bespc.com/fnko. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.