The Secret World dev Funcom charged with suspected trading violations

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  1. #1
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    Default The Secret World dev Funcom charged with suspected trading violations

    http://www.joystiq.com/2014/01/29/th...trading-viola/

    Okokrim, Norway's central authority for dealing with economic and environmental crime, charged MMO studio Funcom this morning with suspected trading infringements. The alleged violations are based around information provided by Funcom for the year leading up to the launch of The Secret World, the company's headline game.

    The news followed the Oslo stock market imposing a "matching halt" at 9.30AM Norway time, essentially stopping trading on company stock. According to a press release issued by Funcom via the Oslo exchange's NewsWeb, normal trading resumed three hours later.

    We've reached out to Funcom and Okokrim for more details, but according to a press release from Funcom issued to the Oslo exchange, Okokrim believes there's a "probability" the company has not kept up the required records during the relevant time, noted as between August 2011 and The Secret World's launch in July 2012, and the two months following launch.

    "The company is fully cooperating with Okokrim," reads the press release in closing.

    There are various reports of Okokrim performing a "raid" on Funcom this morning, with photos of the unit's black vans outside the Dreamfall studio's Oslo headquarters, and Okokrim staff members entering the offices with cardboard boxes.

    Funcom came under scrutiny in 2012, when former CEO Trond Arne Aas was investigated for suspected trading based on insider knowledge. Aas stepped down as Funcom CEO the day before The Secret World launched, then sold much of his stock in the company in the months after; Funcom's stock had dropped eight-fold from the game's launch to the time of investigation.


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    Last edited by Lefos; 01-31-2014 at 10:59 AM.

    [19:45] ♥Moloko Lynx♥: Flight sims would even suit you, Riz. You seem to have the sensibilities of an old man.
    Member since May 8, 2004.

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    A raid is the first of many hits their stock could take.
    It all depends on what they find in the seized data.

    But hopefully they survive.

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    should be cool if the reason of this is that the secret world has actual secrets that powerful people want to silence

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    Quote Originally Posted by Lefos
    Funcom offices raided
    They want them rare drops.
    Quote Originally Posted by Narog View Post
    the secret world has actual secrets that powerful people want to silence
    ^This :P
    ... That moment when you realized that your bath towel is covered in sawdust.

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    Quote Originally Posted by Phenoca View Post
    They want them rare drops.

    ^This :P
    Hahahha - after the purps!

    Currently Playing: Eldevin

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    Quote Originally Posted by plat0nic View Post
    Hahahha - after the purps!
    AHAHAHA. The purpetrators. (Yes I know it's spelt wrong - it's a pun.)
    ... That moment when you realized that your bath towel is covered in sawdust.

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    Quote Originally Posted by Lefos View Post
    Sources:

    http://www.forbes.com/sites/erikkain...tock-exchange/

    http://www.rockpapershotgun.com/2014...infringements/



    Basically, insider trading and some shady book-keeping happened. Given Funcom's current state, things don't look so good right now.
    Thats really rough for them. I remember their CFO resigned in 2009 after some heavy losses. Maybe this is when the bookkeeping went awry.

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    I would really hate to see a company like funcom go away. They make some damn good quality titles, it's just they're always stricken by some form of bad luck...which usually ruins that title.

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    Their's already been two other threads on this exact freaking subject, search button people -,-

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