NEW YORK —Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, announces that a class action lawsuit has been filed against Funko, Inc. (NASDAQ:FNKO) (“Funko” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Funko common stock in or traceable to the Company’s initial public offering (“IPO”), held on or about November 3, 2017, or if you purchased Funko common stock after November 3, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
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. In the IPO, the Company sold over 10.4 million shares of common stock at a price to the public of $12.00 per share.
Funko’s IPO “flopped” as its “IPO saw the worst first-day return for a Wall Street IPO in 17 years,” according to Comics Gaming Magazine. By market close on November 3, 2017, the price of Funko common stock dropped over 41% from its initial price of $12.00 to close at $7.00. It is alleged that the precipitous drop stems from Funko’s accounting practices, which The Seattle Timescalled “the latest example of fun-house accounting on Wall Street.”
What You Can Do
If you purchased Funko common stock on or after November 3, 2017, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected].
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.