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Funcom under investigation for market manipulation.

XV999XV999 jenkins TWN, ALPosts: 36Member

Funcom may be finished as a game company they are under a probe A norway ver of the SEC if you will. Stock trading halted. Suits pulling all funcom documents and records.

http://e24.no/boers-og-finans/oekokrim-aksjon-mot-funcom/22740513

 

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Comments

  • curacura WarsawPosts: 950Member Uncommon

    Goggle translator wont translate this pagan language ;-p

    EDIT: Sorry my bad, it does

  • Po_ggPo_gg Twigwarren, WestfarthingPosts: 2,727Member Uncommon

    Pagan... :) it's FC's very own language.

     

    I think there was some similar issue last year? Before jumping into conclusions I'd rather wait for an official statement from any side involved.

  • MalviousMalvious Knoxville, TNPosts: 207Member Uncommon
    Originally posted by cura

    Goggle translator wont translate this pagan language ;-p

    EDIT: Sorry my bad, it does

    now now dont be such a xenophobe.

    Fine, we'll compromise. I'll get my way & you'll find a way to be okay with that.

  • XV999XV999 jenkins TWN, ALPosts: 36Member


    "Økokrim (the Norwegian National authority for Investigation and Prosecution of Economic and Environmental Crime) has charged Funcom N.V. based on suspicion of infringement of the provisions of the Securities Trading Act with regards to the financial information given to the market regarding The Secret World from August 2011 until the launch of the game in July 2012 and the two months following the launch. In the view of Økokrim, there also exists a probability that the company has not maintained the required log of information within the company during that time."

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  • grndzrogrndzro Reno, NVPosts: 1,150Member
    I really hate Funcom for royally screwing up AoC. I hope they burn!
  • Crazy_StickCrazy_Stick Privacy Preferred, NCPosts: 1,059Member
    It's interesting and I am surprised the story has not yet popped up on the news feed here. I think FunCom is a talented game company even though I lament many of the choices they made when putting together TSW. It's a great niche game and one of the better MMORPGs to come out in recent years if not the casually popular success they needed or something I can play consistently for various reasons. What happens, well it happens, but I would hate to see another company able to make games worth playing sink away into nothing leaving us with nobody but the big boys like EA and SOE's ilk producing product. We need the niche game developers for our own sanity as players.
  • SpottyGekkoSpottyGekko RotterdamPosts: 3,845Member Uncommon

    It will be really sad if Funcom stops making MMO's. Their games are among  my favourites. Unfortunately, they don't make mass-appeal games and have been struggling financially as a result.

     

    If FC get shut down, their games will most likely be auctioned off to the highest bidder. Let's hope that the eventual owners aren't someone like GPotato or PWI...

  • Azaron_NightbladeAzaron_Nightblade KingsmouthPosts: 2,646Member Uncommon
    Originally posted by Crazy_Stick
    It's interesting and I am surprised the story has not yet popped up on the news feed here. I think FunCom is a talented game company even though I lament many of the choices they made when putting together TSW. It's a great niche game and one of the better MMORPGs to come out in recent years if not the casually popular success they needed or something I can play consistently for various reasons. What happens, well it happens, but I would hate to see another company able to make games worth playing sink away into nothing leaving us with nobody but the big boys like EA and SOE's ilk producing product. We need the niche game developers for our own sanity as players.

    Agreed, it would be a terrible shame to see a company like that fall.

    TSW is one of those games that I return to frequently, and where I stay up to date on what they're doing - but just like you I could never play it hardcore.

    Here's to hoping it won't be too bad.

    My SWTOR referral link for those wanting to give the game a try. (Newbies get a welcome package while returning players get a few account upgrades to help with their preferred status.)

  • atuerstaratuerstar melbournePosts: 234Member

    "Suspicion of Infringement..."

     

    In other words, someone wants to dig and is really hoping there is something worth digging for. I've got one for you - I suspect ESO or EQ:N of drumming up false charges against Funcom so the tokyo expansion for The Secret World does not affect their sales.

     

    I think I'll give them the benefit of the doubt until something is actually proven.

  • Azaron_NightbladeAzaron_Nightblade KingsmouthPosts: 2,646Member Uncommon
    Originally posted by atuerstar

    "Suspicion of Infringement..."

     

    In other words, someone wants to dig and is really hoping there is something worth digging for. I've got one for you - I suspect ESO or EQ:N of drumming up false charges against Funcom so the tokyo expansion for The Secret World does not affect their sales.

     

    I think I'll give them the benefit of the doubt until something is actually proven.

    The first seems likely to me.

    The others are a bit far fetched for my tastes; as much as I love TSW... lets face it, if they were going to be targetting competitors it'd make a lot more sense to go after bigger threats, TSW is rather tiny and not much of a threat to giant titles like that.

    My SWTOR referral link for those wanting to give the game a try. (Newbies get a welcome package while returning players get a few account upgrades to help with their preferred status.)

  • SpottyGekkoSpottyGekko RotterdamPosts: 3,845Member Uncommon
    Originally posted by atuerstar

    "Suspicion of Infringement..."

     

    In other words, someone wants to dig and is really hoping there is something worth digging for. I've got one for you - I suspect ESO or EQ:N of drumming up false charges against Funcom so the tokyo expansion for The Secret World does not affect their sales.

     

    I think I'll give them the benefit of the doubt until something is actually proven.

    If you want to go off on a "conspiracy theory" tangent, it's far more likely that one of the big asian game companies are behind this investigation. Driving FC to bankruptcy gives them the opportunity of buying a "Western dev studio" at bargain-basement prices...

     

    I doubt that Zenimax or SOE  would want to cripple FC just because a TSW expansion is due soon, lol

  • XV999XV999 jenkins TWN, ALPosts: 36Member
    This story first came to light by accident by anarchy online players snooping around. Players were promised open beta access to the anarchy online new engine beta if they subscribed to a whole year and paid up front  about $99 USD they would get access in January. It seems nobody got an invite and the end of the month is here leaving pissed bitter players believing they have been lied and conned and funcom has been silent as the sphinx on the matter. It seems as though funcom has taken the money and run.

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  • XV999XV999 jenkins TWN, ALPosts: 36Member

    Its breaking on other sites now. http://kotaku.com/funcom-under-investigation-for-trade-violations-1511459402

    http://www.polygon.com/2014/1/29/5357050/funcom-stock-delisted-in-norway-company-under-investigation

    Funcom is deleting linked posts on their forums now as these are posted to them.  You suck at cover ups funcom. They will find lots of skeletons in your closet.

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  • TheLizardbonesTheLizardbones Arkham, VAPosts: 10,910Member
    Originally posted by XV999


    "Økokrim (the Norwegian National authority for Investigation and Prosecution of Economic and Environmental Crime) has charged Funcom N.V. based on suspicion of infringement of the provisions of the Securities Trading Act with regards to the financial information given to the market regarding The Secret World from August 2011 until the launch of the game in July 2012 and the two months following the launch. In the view of Økokrim, there also exists a probability that the company has not maintained the required log of information within the company during that time."
     

     

    I remember reading their projections for TSW before the game released.  They had two projections, one good and one not so good.  Both were way over the actual mark though.  Given that their CEO did his little trick and sold a bunch of stock, it seems likely that information about the game's poor performance was at the very least known by the CEO.  If anyone else knew what was going to happen with the game and that the company was going to take such a hit, but didn't let investors know, then they withheld important financial information from investors.  If they then didn't keep good records of all that, they would be in even more trouble.  That seems like the most likely thing to me.

     

    The people who broke the law and deliberately mislead investors should be punished.  I just hope that TSW doesn't get dropped in File 13 because of this.

     

    **

     

    The AoC thing makes me wonder if maybe the highjinks have continued and become their business instead of game development.  It would be a shame.

     

    I can not remember winning or losing a single debate on the internet.

  • MadimorgaMadimorga Atlanta, GAPosts: 1,893Member Uncommon

    I hate that this is happening.  I still wander around TSW and I was thinking about wandering in AO again for a bit.  Was also hoping they really would finish their graphics update someday.  

     

    Hopefully Ragnar doesn't get caught up in it.  I don't know much about the rest of the Funcom crew, but he's an amazing storyteller.

     

    On the bright side, I've decided to move to Norway and get arrested, thanks to a link to a Vice piece on Norwegian prisons someone posted because of this story.  Norway's prisoners have it ten times better than I do living free in murica.

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    I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals.

    ~Albert Einstein

  • VikestartVikestart GrimstadPosts: 14Member
    Originally posted by Madimorga

    On the bright side, I've decided to move to Norway and get arrested, thanks to a link to a Vice piece on Norwegian prisons someone posted because of this story.  Norway's prisoners have it ten times better than I do living free in murica.

    Yes, indeed. Come to us, commit a crime and we'll provide :)

  • MadimorgaMadimorga Atlanta, GAPosts: 1,893Member Uncommon
    Originally posted by Vikestart
    Originally posted by Madimorga

    On the bright side, I've decided to move to Norway and get arrested, thanks to a link to a Vice piece on Norwegian prisons someone posted because of this story.  Norway's prisoners have it ten times better than I do living free in murica.

    Yes, indeed. Come to us, commit a crime and we'll provide :)

     

    Uh oh.  Suddenly I smell a trap!  

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    I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals.

    ~Albert Einstein

  • svandysvandy mount holly, NJPosts: 229Member Uncommon

    This is being way overhyped. It concerns a previous investigation of the former CEO around the launch of TSW. The company is cooperating fully. Devs posted on the TSW forums just today that they all went back to work as normal. I understand a lot of people want funcom to fail because of whatever irrational reasons for wanting people to lose their jobs, but this whole ordeal is being blown out of proportion.

    The only real concern is that it will hurt Funcom's already pretty beat up reputation.

    Please visit my youtube channel for some H1Z1/DayZ casual roleplay videos!


  • KailashKailash Williamsburg, VAPosts: 301Member
    Damn Pagans taking our jerbs :P
  • fallenlordsfallenlords NottinghamPosts: 680Member
    Originally posted by svandy

    This is being way overhyped. It concerns a previous investigation of the former CEO around the launch of TSW. The company is cooperating fully. Devs posted on the TSW forums just today that they all went back to work as normal. I understand a lot of people want funcom to fail because of whatever irrational reasons for wanting people to lose their jobs, but this whole ordeal is being blown out of proportion.

    The only real concern is that it will hurt Funcom's already pretty beat up reputation.

    Over-hyped ???  Insider-trading is a serious offence, the ex-CEO sold his stock on the eve of the launch of a new title probably knowing the pre-order numbers.   Game bombed, stock plummeted, other investors I imagine lost considerable amounts of money.  Over-hyped, well if proven ... it's a crime.  This was the man leading the company, the company as an entity allowed him to do this (take a sideways move to step down as CEO and allow him to dump stock)... rotten to the core in my opinion. 
  • DhaenonDhaenon Corvallis, ORPosts: 66Member
    Do you think they will shut down TSW?

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  • MadimorgaMadimorga Atlanta, GAPosts: 1,893Member Uncommon
    Originally posted by Dhaenon
    Do you think they will shut down TSW?

    Heck no, not if there is any chance of it turning a profit.  If fines end up being involved, a source of revenue will be required.

    image

    I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals.

    ~Albert Einstein

  • DKLondDKLond AlbertslundPosts: 579Member Uncommon
    I tend to care about games more than what kind of greed yet another suit has demonstrated.
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