Funko, Inc.

Funko, Inc (FNKO) Accused of Misleading Investors About its Financial Condition

In its IPO, Funko sold 10,416,666 shares of Class A common stock at $12.00 per share, generating proceeds of approximately $116.4 million for the company.  Funko’s Registration Statement said that the company’s financial performance reflected the strong growth of its business, citing its leadership in pop culture consumer products.  However, the complaint alleges that Funko’s profits and growth were not as positive as the company represented in its offering documents.  On November 2, 2017, Bloomberg published an article entitled “Funko Extends Playtime to Its Accounting,” calling into question how Funko could report an 86% earnings increase while losing more than $10 million in the first half of 2017.  Funko’s shares have yet to recover their IPO value, closing at only $8.22 per share on April 5, 2018.

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