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The Secret World: Funcom Under Investigation for Stock Irregularities

SBFordSBFord Associate Editor - News ManagerThe Land of AZPosts: 16,658MMORPG.COM Staff Uncommon

According to multiple sources, including Norwegian government sources, the Oslo offices of Funcom, developers of Age of Conan and The Secret World, are currently being raided by local police as part of an investigation into possible stock market irregularities during, or slightly before, the launch of The Secret World in the summer of 2012.

UPDATE: News.Web has confirmed that Funcom is under investigation and that charges have been filed:

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.

The Company is fully cooperating with Økokrim.

Badhoevedorp, The Netherlands, 29 January 2014 Funcom N.V.

This information is subject to the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)

We have reached out to Funcom for comment and will keep you posted as this story develops.

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Via vg247.com

Associate Editor: MMORPG.com
Follow me on Twitter: @MMORPGMom

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Comments

  • orionblackorionblack Wichita Falls, TXPosts: 474Member Uncommon
    @.@....
  • TerminalDeityTerminalDeity fairfield, OHPosts: 106Member
    What an interesting turn of events.
  • TheLizardbonesTheLizardbones Arkham, VAPosts: 10,910Member

    Well cr@p.  I actually like TSW.  I wonder if the irregularities are the accounting kind, or the kind where they told everyone they thought the game was going to sell a million copies and people invested in the company?

     

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

  • psiicpsiic Tampa, FLPosts: 946Member Uncommon

    ROFL 

     

    I swore up and down years ago all the record profits Anarchy Online was showing  and 500 million dollars in bearer bonds they always had in cash reserves was all money they were scrubbing for the Russian Mafia and nobody believed me.

     

    I mean Jesus they paid for TSW development in house with no outside capital or investors, that kinda money does not grow trees in AO or Conan.

  • GeezerGamerGeezerGamer ChairPosts: 5,602Member Uncommon
    I wonder if this means Anarchy Online will never see that engine upgrade now.
  • AlomarAlomar Middle Earth, NJPosts: 451Member Uncommon
    I loved AoC since I experienced it after the failed launch, the only purely Mature rated mmo that I've found. I've been back to it 3 times over the years but as a pvper the lack of a population causes me to loose interest. Never had any desire to try TSW though, wish them all the best in the investigation if they're innocent, if not enjoy rot in jail criminals.
     

    Dozens of MMO's, RTS's, FPS's, etc.

  • DakeruDakeru Posts: 1,658Member Uncommon

    Well I love the story and atmosphere of TSW.

    But never once did I doubt the company behind this is filth. (Yes pun intended)

    I have an entitlement delusion - because I have this strange idea that my 50$ should have the same value as anyone else's 50$
    "Your account is not entitled to the same value as a new account. Just saying you are entitled to the same as someone else because you said so is exactly what expresses your entitlement issues."

  • victorbjrvictorbjr Quezon CityPosts: 186Member Uncommon
    Oh gosh. :(

    A writer and gamer from the Philippines. Loves his mom dearly. :)

    Can also be found on http://www.gamesandgeekery.com

  • ArskaaaArskaaa KauhajokiPosts: 842Member Uncommon
    Funcom scammer. still remember spend my money AoC retail box ><
  • Po_ggPo_gg Twigwarren, WestfarthingPosts: 2,728Member Uncommon
    Originally posted by Dakeru

    Well I love the story and atmosphere of TSW.

    But never once did I doubt the company behind this is filth. (Yes pun intended)

    Lol... then maybe it'd been better with a capital F :) though I doubt they have anything to do with the Filth.

     

    I'm curious where will the events heading. Since I mostly love their games (except AO, somehow it never "clicked" to me) I hope this issue won't sink them in the end.

    In the light of this news, I think it's good eventually that Ragnar is making Chapters in a separate branch...

  • Starbuck1771Starbuck1771 Topeka, KSPosts: 303Member Uncommon
    Originally posted by ste2000
    I think the Police is there to investigate Funcom for crimes against the videogaming industry........

    Actually it is for crimes against their stock exchange not the video game industry.

    image
  • DakeruDakeru Posts: 1,658Member Uncommon
    Originally posted by Starbuck1771
    Originally posted by ste2000
    I think the Police is there to investigate Funcom for crimes against the videogaming industry........

    Actually it is for crimes against their stock exchange not the video game industry.

    I think you missed the point of what he wanted to say.

    I have an entitlement delusion - because I have this strange idea that my 50$ should have the same value as anyone else's 50$
    "Your account is not entitled to the same value as a new account. Just saying you are entitled to the same as someone else because you said so is exactly what expresses your entitlement issues."

  • orbitxoorbitxo fort lauderdale, FLPosts: 1,411Member Uncommon

    seriously? wtf...

    nevertheless- TSW has distant itself far from what it was once was with these employers so, hopefully that will be taken into account.

    hoping this wont affect my game-TSW.

  • JeroKaneJeroKane OsloPosts: 5,353Member Uncommon

    It's not Funcom that will be charged, but the former CEO who dumped his Stock right before launch of TSW last year, without giving advance notice to the Stock Exchange!

    Which is illegal! As CEO's are obligated to announce it in advance.

    1. What he was thinking and how he thought to get away With it still beats me today!

    2. What in Earth took them this long to act on this is even more strange! As it was already in the headlines of Norwegian News papers last year summer, shortly after he dumped his Stock! As he was caught in the act by stock trader With Investment in Funcom Stock and directly filed a complaint and notified the press!

     
  • orbitxoorbitxo fort lauderdale, FLPosts: 1,411Member Uncommon
    ty-for clearing this up. Jero.
  • mCalvertmCalvert Tallahassee, FLPosts: 1,283Member
    I would not miss Funcom if it went out of business.
  • victorbjrvictorbjr Quezon CityPosts: 186Member Uncommon
    Originally posted by JeroKane

    It's not Funcom that will be charged, but the former CEO who dumped his Stock right before launch of TSW last year, without giving advance notice to the Stock Exchange!

    Which is illegal! As CEO's are obligated to announce it in advance.

    1. What he was thinking and how he thought to get away With it still beats me today!

    2. What in Earth took them this long to act on this is even more strange! As it was already in the headlines of Norwegian News papers last year summer, shortly after he dumped his Stock! As he was caught in the act by stock trader With Investment in Funcom Stock and directly filed a complaint and notified the press!

     

    OH!

    Was this Trond Arne Aas? Insider trading?

    I remember this but didn't get to really delve into it on a column for TSW. 

    A writer and gamer from the Philippines. Loves his mom dearly. :)

    Can also be found on http://www.gamesandgeekery.com

  • sacredfoolsacredfool prague, TXPosts: 760Member Uncommon
    Wooohooo... gets me thinking... perhaps Funcom are just trying to see how investigation missions look like in real life to have something for their next TSW adventure pack.


    Originally posted by nethaniah

    Seriously Farmville? Yeah I think it's great. In a World where half our population is dying of hunger the more fortunate half is spending their time harvesting food that doesn't exist.


  • SBFordSBFord Associate Editor - News Manager The Land of AZPosts: 16,658MMORPG.COM Staff Uncommon
    Originally posted by sacredfool
    Wooohooo... gets me thinking... perhaps Funcom are just trying to see how investigation missions look like in real life to have something for their next TSW adventure pack.

    Ahahahaha! Brilliant! :D

    Associate Editor: MMORPG.com
    Follow me on Twitter: @MMORPGMom

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  • Po_ggPo_gg Twigwarren, WestfarthingPosts: 2,728Member Uncommon

    The - remaining few living one - Orochi agents storming the HQ's of all three factions, and we're ordered back to defend and protect the cardboard boxes from confiscation :)

    -or-

    in disguise we're finally allowed to enter the HQ of other factions, while trying to find their secrets during an investigation...

  • ste2000ste2000 londonPosts: 4,706Member Uncommon
    Originally posted by Dakeru
    Originally posted by Starbuck1771
    Originally posted by ste2000
    I think the Police is there to investigate Funcom for crimes against the videogaming industry........

    Actually it is for crimes against their stock exchange not the video game industry.

    I think you missed the point of what he wanted to say.

    Yeah....... unfortunately sarcasm is so underrated in this forum image

  • discord235discord235 Woodland, CAPosts: 143Member Uncommon
    It's just a smokescreen...it's really the Illuminati trying to shut down Funcom for revealing too many of their secrets!

    image

  • XthosXthos Columbus, OHPosts: 2,628Member
    Originally posted by ste2000
    Originally posted by Dakeru
    Originally posted by Starbuck1771
    Originally posted by ste2000
    I think the Police is there to investigate Funcom for crimes against the videogaming industry........

    Actually it is for crimes against their stock exchange not the video game industry.

    I think you missed the point of what he wanted to say.

    Yeah....... unfortunately sarcasm is so underrated in this forum image

    Or you got dry humor to your jab, maybe?

  • JaedorJaedor Denver, COPosts: 1,140Member Uncommon

    I remember odd news about the CEO (President?) stepping down right around the same time TSW launched. It seemed like really odd timing and many people jumped on it as a sign the game would do poorly. But aside from gaming sites, the corporate news said there were questions about stock transactions by the guy who suddenly left.


    Fast forward a couple years later and I'm guessing that's what this is about.

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