Entertainment & Sports,
Civil Litigation
May 11, 2022
Pop culture inventory hidden, claims stock drop suit
“Defendants concealed the true state of Funko’s excess inventory situation from investors by misrepresenting that the accumulation of excess inventory was only a possible future risk to its business, when in fact, that risk had already materialized,” Brett M. Middleton of Johnson Fistel LLP wrote in the complaint.
The Funko board of directors hid quantities of its unsold pop culture figurines and lied to investors to hide an imminent stock price drop of almost 40%, alleged a shareholder lawsuit filed in Los Angeles.
Brett M. Middleton of Johnson Fistel LLP wrote in the complaint filed Monday, “Defendants concealed the true state of Funko’s excess inventory situation from investors by misrepresenting that the accumulation of excess inventory was only...
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