SAN DIEGO & EVERETT, Wash.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating Funko, Inc. (NASDAQ: FNKO) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Funko designs, sources, and distributes licensed pop culture products in the United States and internationally.
If you suffered a loss as a result of Funko's misconduct, click here.
Funko, Inc. (FNKO) Reveals Disappointing Financial Results
On February 5, 2020, Funko revealed in its preliminary fourth quarter 2019 financial results that its net sales were expected to decrease by 8% and that the Company would incur a $16.8 million write-down to "dispose of slower moving inventory." On this news Funko's stock price fell $6.20 per share, or 40%, to close at $9.29 per share. One month later, Funko affirmed a decrease of 4% year-over-year in net sales for its fourth quarter 2019 financial results citing "softness at retail during the holiday season which led to a decrease in orders." On this news, Funko's stock price fell over 4% to close at $6.92 per share.
Funko, Inc. (FNKO) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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