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: mgardy@gardylaw.com.
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
mgardy@gardylaw.com. 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: mgardy@gardylaw.com
Website: www.gardylaw.com
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SOURCE Gardy & Notis, LLP