A lawsuit was filed on behalf of investors in Funko, Inc. (NASDAQ:FNKO) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 06/12/2023 --An investor, who purchased shares of Funko, Inc. (NASDAQ: FNKO), filed a lawsuit over alleged violations of Federal Securities Laws by Funko, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Funko, Inc. (NASDAQ: FNKO) have certain options and for certain investors are short and strict deadlines running. Deadline: August 1, 2023. NASDAQ: FNKO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Everett, WA based Funko, Inc., a pop culture consumer products company, designs, sources, and distributes licensed pop culture products in the United States, Europe, and internationally.

On November 3, 2022, Funko announced its results for the third quarter of 2022. Funko's earnings per share had come in at $0.28 per share, more than 42% below street estimates of $0.49 per share, and also that management had dramatically cut Funko's FY 2022 guidance.

On March 1, 2023, Funko reported its results for the fourth quarter 2022 and guidance for 2023. Funko, Inc. reported that its annual Total Revenue rose from over $1.02 billion in 2021 to over $1.32 billion in 2022, and that its Net Income of $43.9 million in 2021 turned into a Net Loss of $8.03 million in 2022.

Shares of Funko, Inc. (NASDAQ: FNKO) declined from $27.79 per share on August 01, 2022, to as low as $7.14 per share on March 14, 2023.

The plaintiff claims that between May 6, 2022 and March 1, 2023, the Defendants misrepresented to investors facts concerning the move of Funko's distribution center from Everett, Washington to Buckeye, Arizona as well as the planned upgrade of the Company's enterprise resource planning (ERP) software system and that Defendants repeatedly spoke of the necessity for these upgrades to serve current and future business needs, but failed to disclose that Funko was experiencing significantly larger delays in implementing its ERP software than it was disclosing to investors, that having moved into a new warehouse without functioning ERP software in place would lead to dramatically higher costs and poorer inventory management practices, and that Funko's inability to efficiently operate the new distribution center would have a substantial, undisclosed impact on the Company's EBITDA margin.

Those who purchased shares of Funko, Inc. (NASDAQ: FNKO) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.