Gardy & Notis, LLP: Class Action Lawsuit Filed on Behalf of Funko, Inc. (FNKO) Stockholders

NEW YORK, April 5, 2018 /PRNewswire/ -- Gardy & Notis, LLP announces that a class action lawsuit has been filed on behalf of purchasers of Funko, Inc. (NASDAQ: FNKO) common stock in connection with or traceable Funko's November 1, 2017 initial public offering.  The lawsuit alleges that Funko's officers and directors and others violated the federal securities laws by making materially misleading statements regarding Funko's sales and inventories.

Funko investors have the option to participate in the class action as a lead plaintiff.  If you have questions about the case, you may contact Mark C. Gardy, at Gardy & Notis, LLP, 126 East 56th Street, 8th Floor, New York, NY 10022, Telephone: 212-905-0509, Fax: 212-905-0508, email: [email protected].

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.

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.

If you acquired shares of Funko issued in connection with the IPO you have until June 4, 2018 to seek to participate in the case as a lead plaintiff. 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 Mark Gardy, Gardy & Notis, LLP, 126 East 56th Street, 8th Floor, New York, NY 10022, at 212-905-0509 or by email to [email protected]. 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.

Contact: 

GARDY & NOTIS, LLP
Mark C. Gardy
126 East 56th Street, 8th Floor
New York, NY 10022
Telephone: 212-905-0509
E-mail: [email protected]
Website: www.gardylaw.com

SOURCE Gardy & Notis, LLP

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