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Lawsuit filed for Investors in shares of Funko, Inc. (NASDAQ: FNKO) over alleged Securities Laws Violations

03-18-2020 06:16 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Funko, Inc. (NASDAQ: FNKO) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Funko, Inc. (NASDAQ: FNKO) shares over alleged securities laws violations.

An investor, who purchased shares of Funko, Inc. (NASDAQ: FNKO), filed a lawsuit over alleged violations of Federal Securities Laws by Funko, Inc. in connection with certain allegedly false and misleading statements made between October 31, 2019 and March 5, 2020.

Investors in shares of Funko, Inc. (NASDAQ: FNKO) have certain options and for certain investors are short and strict deadlines running. Deadline: May 11, 2020. NASDAQ: FNKO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On February 5, 2020, Funko, Inc. reported preliminary financial results for the fourth quarter ended December 31, 2019. Net sales are expected to be approximately $214 million, a decrease of 8% compared to $233 million in the fourth quarter of 2018. The sales fell well below average analyst estimates of $264.29 million. On a third-quarter conference call, the Company CFO, Jennifer Jung, stated, "we are maintaining our guidance ranges, we laid out on the second quarter conference call."

On March 5, 2020, Funko, Inc. announced 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."

The plaintiff claims that between October 31, 2019 and March 5, 2020, the Defendants failed to disclose to investors that Funko was experiencing lower than expected sales, that, as a result, Funko was reasonably likely to incur a writedown for slower moving inventory, and that 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.

Those who purchased shares of Funko, Inc. (NASDAQ: FNKO) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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