FNKO INVESTOR FILING DEADLINE: Bernstein Liebhard LLP Reminds Investors that only 5 Days Remain to File a Motion for Lead Pla...
May 06 2020 - 10:13AM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a lead plaintiff
motion in a securities class action filed on behalf of investors
that purchased or acquired the securities of Funko, Inc. ("Funko"
or the "Company") (NASDAQ: FNKO) between August 8, 2019 and March
5, 2020 (the "Class Period"). The lawsuit filed in the United
States District Court for the Central District of California and
Western District of Washington alleges violations of the Securities
Exchange Act of 1934.
If you purchased Funko securities, and/or would like to
discuss your legal rights and options please visit Funko
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that Funko was
experiencing lower than expected sales; (2) that, as a result,
Funko was reasonably likely to incur a writedown for slower moving
inventory; and (3) that, as a result of the foregoing, Defendants’
positive statements about the Company’s business, operations, and
prospects were materially false and/or misleading and/or lacked a
reasonable basis.
On February 5, 2020, after the market closed, Funko issued a
press release announcing preliminary fourth quarter 2019 financial
results. Therein, Funko stated that net sales were expected to be
approximately $214 million, a decrease of 8% compared to $233
million in the fourth quarter of 2018. On this news, the Company’s
share price fell $6.20, or over 40%, to close at $9.29 per share on
February 6, 2020, thereby injuring investors. On March 5, 2020,
after the market closed, Funko issued a press release announcing
its fourth quarter and full year 2019 financial results. Therein,
Funko affirmed that net sales for fourth quarter had decreased 4%
year-over-year to $213.6 million due to, among other things,
softness at retail during the holiday season which led to a
decrease in orders. On this news, Funko’s share price fell $0.32,
or over 4%, to close at $6.92 on March 6, 2020, thereby injuring
investors further.
If you purchased FNKO securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/funkoinc-fnko-shareholder-class-action-lawsuit-stock-fraud-264/apply
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 11, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005306/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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