Funko POP! toys for sale. Credit: Lutsenko Oleksandr/Adobe Stock Collectible Maker Funko Wins Motion to Dismiss Securities Class Action
Funko's forward-looking statements fell under a "safe harbor" provision and were therefore not actionable as securities fraud, a Seattle federal judge said. The decision was a win for a team from Latham & Watkins.
May 21, 2024 at 06:58 PM
3 minute read
Securities Litigation
The original version of this story was published on The Recorder
What You Need to Know
- Investors filed a putative class action securities fraud lawsuit against collectible maker Funko in 2023.
- The lawsuit targeted two struggling infrastructure projects that led to a decline in Funko's stock price, plaintiffs claimed.
- On May 16, 2024, a judge in the Western District of Washington approved a motion to dismiss the lawsuit.
Funko, a company best known for producing limited vinyl pop culture figurines called Funko POPS, secured a motion to dismiss a lawsuit accusing it of securities fraud.
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