Pomerantz LLP and Bernstein Liebhard LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of Funko, Inc. Common Stock - FNKO

LOS ANGELES, Aug. 2, 2022 /PRNewswire/ -- Pomerantz LLP and Bernstein Liebhard LLP announce that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of Funko, Inc. common stock (NASDAQ: FNKO):

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, MOTION FOR ATTORNEYS' FEES AND EXPENSES, AND SETTLEMENT FAIRNESS HEARING

To:          All persons and entities who or which purchased the common stock of Funko, Inc. ("Funko") on the open market during  the period from August 8, 2019 to March 5, 2020, inclusive, and who were damaged thereby ("Settlement Class").

Certain persons and entities are excluded from the Settlement Class as set forth in detail in the Stipulation and Agreement of Settlement, dated June 3, 2022 ("Stipulation") and the Internet Notice described below.

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

ADDITIONAL INFORMATION ABOUT THE SETTLEMENT IS AVAILABLE ON THE SETTLEMENT WEBSITE, www.strategicclaims.net/Funko/.

          YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California (the "Court"), that the Court-appointed Lead Plaintiffs, on behalf of themselves and the proposed Settlement Class, and defendants Funko, Inc. ("Funko"), Brian Mariotti, Jennifer Fall Jung, Andrew Perlmutter, Ken Brotman, Gino Dellomo, Adam Kriger, ACON Investments, LLC, ACON Funko Manager, LLC, ACON Funko Investors, LLC, ACON Funko Investors Holdings 1, LLC, ACON Funko Investors Holdings 2, LLC, ACON Funko Investors Holdings 3, LLC, and ACON Equity GenPar, LLC (collectively, the "Defendants") have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $7,000,000 (the "Settlement").

          A hearing will be held before the Honorable Virginia A. Phillips, on November 7, 2022, at 2:00 p.m., in the United States District Court for the Central District of California, First Street U.S. Courthouse, 350 W. 1st Street, Courtroom 8A, 8th Floor, Los Angeles, CA 90012 (the "Settlement Hearing") to, among other things, to determine whether to: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation; (iii) certify the Action as a class action on behalf of the Settlement Class, certify Lead Plaintiffs as Class Representatives for the Settlement Class, and appoint Lead Counsel as Class Counsel for the Settlement Class; (iv) approve the proposed Plan of Allocation for distribution of the settlement funds to Settlement Class Members (the "Net Settlement Fund"); (v) approve Lead Counsel's application for an award of attorneys' fees of up to 25% of the Settlement Fund and reimbursement of Litigation Expenses of up to $275,000, which includes costs and expenses to Lead Plaintiffs of up to $18,000 each; and (vi) to consider any other matters that may properly be brought before the Court in connection with the Settlement. The Court may change the date of the Settlement Hearing, or hold it telephonically, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

          IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT, AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. You may obtain a Proof of Claim and Release Form ("Claim Form") and review the Internet Notice of Pendency and Proposed Settlement of Class Action ("Internet Notice") on the website www.strategicclaims.net/Funko/ or by contacting the Claims Administrator at:

Funko, Inc. Securities Litigation
c/o Strategic Claims Services
600 N. Jackson St., Suite 205
P.O. Box 230
Media, PA 19063
Toll-Free: (866) 274-4004
Fax: (610) 565-7985
[email protected] 
https://www.strategicclaims.net/Funko/ 

          Inquiries, other than requests for the Internet Notice and Claim Form or for information about the status of a claim, may also be made to Lead Counsel:

BERNSTEIN LIEBHARD LLP
Stephanie M. Beige, Esq.
10 East 40th Street, 28th Floor
New York, NY 10016
212-779-1414
[email protected]

POMERANTZ LLP
Attn: Michael J. Wernke
600 Third Avenue, 20th Floor
New York, NY 10016
212-661-1100
[email protected]

          If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked (if mailed) or submitted online at www.strategicclaims.net/Funko/ ("Case Website") no later than October 17, 2022 to the Claims Administrator at the address above. Read the instructions carefully, fill out the Claim Form in accordance with the instructions set forth in the Claim Form, and sign it in the location indicated. The Case Website also includes instructions on downloading your transaction data directly from your brokerage so that you do not have to manually enter each transaction. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.

          If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Internet Notice such that it is received no later than October 17, 2022. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.

          Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses or awards to Lead Plaintiffs must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Internet Notice, such that they are received no later than October 17, 2022.

SO ORDERED this 19^th day of July, 2022.

The Honorable Virginia A. Phillips
United States District Judge

SOURCE Bernstein Liebhard LLP; Pomerantz LLP