Funko, Inc.

Funko, Inc. Accused of Misrepresenting its Financial Condition in its IPO Prospectus

According to the complaint, Funko, Inc. NasdaqGS FNKO sold 10,416,666 shares of common stock for $12 per share in its IPO despite its anticipated pricing of $14 to $16.  Funko’s shares then fell a staggering 41% from their initial price of $12 to close at $7.07.  Bloomberg reported that experts suspect that the flop was due to Funko’s accounting practices, noting that the company lost more than $10 million in the first half of 2017.  Funko’s shares have yet to recover their IPO value, closing at only $7.15 per share on February 16, 2018.

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