NEW YORK, March 11, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Funko,
Inc. ("Funko" or the "Company") (NASDAQ: FNKO) between October 31, 2019, and March 5, 2020 (the "Class Period"). The lawsuit
filed in the United States
District Court for the Central District of California 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.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP