NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Funko, Inc. (“Funko” or the “Company”) (NASDAQ: FNKO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Funko and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 1, 2023, Funko issued a press release reporting its consolidated financial results for the fourth quarter and fiscal year ended December 31, 2022 and introducing financial guidance for the first quarter and fiscal year 2023. Among other items, Funko posted an adjusted loss per share of $0.35 on $333 million in revenue, more than triple the $0.11 per share loss anticipated by analysts. Funko also disclosed that gross margin in the fourth quarter of 2022 decreased 560 basis points from the prior year as inventory increased 48% to $246.4 million.
On this news, Funko’s stock price fell $0.76 per share, or 7.1%, to close at $9.94 per share on March 2, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
