NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that it was opening an investigation of Funko, Inc. (“Funko” or the “Company”) (NASDAQ:FNKO) concerning the Company and its officers’ possible violations of federal securities laws. To obtain information or aid in the investigation, please visit the Funko page on our website at www.kmllp.com.
On November 2, 2017, Bloomberg Gadfly published an article charging Funko with “fun-house accounting.” The article alleged that Funko’s reported annual earnings growth rate excluded costs and depreciation and grossly exaggerated the value of intellectual property holdings. It concluded that “just $7 million, or 10 percent, of Funko's $69 million increase in adjusted… [earnings before interest, taxes, depreciation, and amortization] was from actual earnings growth. The other 90 percent came from higher costs that the company says investors should just ignore.”
Funko commenced its initial public offering of 10,416,666 shares at a price of $12.00 per share on November 2, 2017. On November 3, 2017, the day after the IPO, Funko shares closed at $7.00, more than 40% below the IPO price.
If you purchased or otherwise acquired Funko securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, Toll-Free at 888-529-4787, or by email at Thomas W. Elrod to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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