Shareholder Alert: Robbins LLP Announces Funko, Inc. (FNKO) Sued for Misleading Shareholders
April 09 2020 - 01:39PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Funko, Inc. (NASDAQ: FNKO) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between October 31, 2019 and March
5, 2020. 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) Accused of Misleading Shareholders
According to the complaint, on October 31, 2019, Funko touted an
increase in net sales in its third quarter 2019 financial results
and reiterated its fiscal 2019 financial outlook, stating "the
Company expects net sales to be in the range of $840 million to
$850 million" for full year 2019. Despite Funko's auspicious
expectations, 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 writedown 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
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200409005698/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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