The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Funko, Inc. (FNKO)
May 08 2020 - 4:00PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming May 11, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of investors who
acquired Funko, Inc. (“Funko” or the “Company”) (NASDAQ: FNKO)
securities between October 31, 2019 and March 5, 2020,
inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
On February 5, 2020, after the market closed, Funko issued a
press release announcing preliminary fourth quarter 2019 financial
results. Therein, Funko stated that “[n]et sales are 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.
The complaint filed in this class action 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 write down 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.
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If you purchased or otherwise acquired Funko securities during
the Class Period, you may move the Court no later than May 11,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action you need
not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the class
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz,
1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067
at 310-914-5007, by email to info@frankcruzlaw.com, or visit our
website at www.frankcruzlaw.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200508005403/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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