INVESTOR ALERT: Kirby McInerney LLP Commences Investigation Into Possible Securities Law Violations by Funko, Inc.
November 09 2017 - 10:23PM
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.
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: http://www.businesswire.com/news/home/20171109006800/en/
Kirby McInerney LLPThomas W. Elrod, Esq.,
212-371-6600https://www.kmllp.comtelrod@kmllp.com
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