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MMO Raiding or: Stop Worrying and Game the Stock MarketFollow

#1 Jan 29 2014 at 10:59 AM Rating: Good
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Updates: http://www.forbes.com/sites/erikkain/2014/01/29/funcom-offices-raided-delisted-from-oslo-stock-exchange/

Quote:
The Norwegian company also holds the rights to Dreamfall Chapters, the Kickstarter-backed title currently under development by Red Thread Games. Whether that game is at risk due to the current investigation remains to be seen. But the larger picture for Funcom is decidedly bleak.




http://www.newsinenglish.no/2014/01/29/economic-crime-unit-raids-funcom/

http://static.e24.no/drpublish/images/article/2014/01/29/22741335/1/990/2059434.jpg

Quote:
On Wednesday afternoon Funcom confirmed it was charged with breaching disclosure requirements related to the game The Secret World from August 2011 until two months after the game’s release in July 2012 (...) Between the start of the year and January 7, Funcom shares surged 160 percent, then fell 21 percent. At the time, chief executive Ole H Schreiner had no explanation for the rollercoaster ride.



I seem to recall Norwegian brokerage houses questioning Funcom about share prices during the initial TSW launch, concerning both accurate retail box(digital download) sales totals and monthly subscriber figures. The same brokerages were questioning the state of the game code regarding playability during stress tests and final beta shipping. I also remember Funcom not releasing TSW beta testers from NDA agreements until launch day.

Will this result in Funcom being forced into receivership?


http://www.escapistmagazine.com/news/view/131782-The-Secret-World-Hit-With-Trade-Infringement-Charges

Quote:
This morning Norway's economic crime unit Økokrim conducted a raid at the Oslo, Norway office of Funcom, the developer behind The Secret World. Økokrim charged Funcom with infringement of the Securities Trading Act between August 2011 and July 2012 for allegedly providing false information pertaining to The Secret World.

Funcom CEO Trond Aas came under investigation for insider trading based on insider knowledge. Aas stepped down as Funcom CEO the day before The Secret World launched. Funcom's stock has dropped eight-fold from the game's launch to investigation.



Edited, Jan 30th 2014 12:28pm by Trappin
#2 Jan 29 2014 at 11:18 AM Rating: Excellent
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So someone leaked insider information to manipulate the stock price? Am I reading that right? The initial link didn't like the safety stuff on my browser, so I've been trying to dig stuff up elsewhere. Smiley: lol
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#3 Jan 29 2014 at 1:37 PM Rating: Good
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Early reports mention insider trading, market manipulation and destroying financial documentation. I seriously doubt Funcom can survive this. Maybe a new company will buy the Anarchy Online IP and revive a once great game title. One can only hope.

http://www.rockpapershotgun.com/2014/01/29/funcom-charged-over-possible-financial-infringements/
#4 Jan 29 2014 at 1:43 PM Rating: Good
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Apparently, right before **** hit the fan with their TSW launch, the president of the company got a title change that let him dump all of his company stock. So most speculation is that this is linked to that earlier investigation, and insider trading sounds fairly likely.
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#5 Jan 29 2014 at 5:09 PM Rating: Good
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Historiske kurser
Periode Avk. % Høy Lav
Intradag -22,14% 5,19 3,90

Looks like trading resumed later in the day and share prices fell 22%.

Info Kjøper Selger Siste Tid Høy Lav Avk. % i dag Omsatt (MNOK) Markedsverdi (MNOK)
4,11 4,15 4,15 29 jan 5,19 3,90 -22,14% 55,80 275,96

http://www.oslobors.no/markedsaktivitet/stockOverview?newt__ticker=FUNCOM
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