This lawsuit is for anyone who acquired securities in Funko, Inc. (NASDAQ: FNKO) from May 6, 2022 through March 1, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company’s planned upgrade of its enterprise resource planning software system was going well when the Company knew that the implementation was not going well, thereby interfering with the Company’s ability to issue accurate guidance.
On November 3, 2022, after the market closed, Funko released its third quarter 2022 financial results. The Company announced earnings per diluted share of $0.28 per share, more than 42% below street estimates $0.49 per share. The Company also lowered its fiscal year 2022 guidance. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 1, 2023, after the market closed, Funko announced its fiscal year 2022 results, and guidance for 2023. The Company disclosed a loss of $5.2 million, and that its adjusted EBITDA margin decreased to 7.4%. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Funko, Inc. (NASDAQ: FNKO) from May 6, 2022 through March 1, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
3070 Bristol Pike, Suite 112, Bensalem, PA 19020 
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hsmith@howardsmithlaw.com