Lead Plaintiff Deadline: 05/11/2020
SUMMARY OF CASE:
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Funko, Inc. (“Funko” or the “Company”) (NASDAQ: FNKO) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Funko securities between October 31, 2019 and March 5, 2020, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Joe Pettigrew for additional information at (844) 818-6982 or firstname.lastname@example.org.
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Funko was experiencing lower than expected sales; (2) as a result, Funko was reasonably likely to incur a writedown for slower moving inventory; and (3) 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, Funko issued a press release stating that fourth quarter 2019 net sales were expected to fall short of the previous year’s total by 8%, and disclosing that there would be a $16.8 million writedown to “dispose of slower moving inventory to increase operational capacity.”
On this news, Funko’s share price fell $6.20, or 40%, to close at $9.29 per share on February 6, 2020.
Then, after market close on March 5, 2020, Funko issued a press release confirming a 4% decrease in year-over-year net sales.
On this news, the price of Funko shares fell $0.32, or over 4%, to close at $6.92 per share on March 6, 2020.
What You Can Do
If you purchased Funko securities between October 31, 2019 and March 5, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or email@example.com. The lead plaintiff deadline is May 11, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820