According to the Complaint, Funko, Inc. is a pop culture consumer products company that creates figures, plush, accessories, apparel, and homewares regarding movies, TV shows, videogames, musicians, and sports teams.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Funko was experiencing lower than expected sales; (2) that, as a result, Funko was reasonably likely to incur a writedown for slower moving inventory; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

On June 11, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 20-CV-02319.

Lead Plaintiffs filed a consolidated amended Complaint on July 31, 2020. Defendants filed a Motion to Dismiss the consolidated amended Complaint on October 2. On February 25, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Lead Plaintiffs filed a second consolidated amended Complaint on March 29, 2021. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on May 7. On October 22, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

The parties entered into a Stipulation and Agreement of Settlement on June 3, 2022. The Court granted preliminary approval of the Settlement on July 19. On December 13, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.