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The Secret World: Funcom Under Investigation for Stock Irregularities
SBFord
Former Associate EditorMember LegendaryPosts: 33,129
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.
Via vg247.com
Comments
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.
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.
21 year MMO veteran
PvP Raid Leader
Lover of The Witcher & CD Projekt Red
Well I love the story and atmosphere of TSW.
But never once did I doubt the company behind this is filth. (Yes pun intended)
A writer and gamer from the Philippines. Loves his mom dearly.
Can also be found on http://www.gamesandgeekery.com
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...
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.
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.
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
Ahahahaha! Brilliant!
¯\_(ツ)_/¯
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...
Yeah....... unfortunately sarcasm is so underrated in this forum
Or you got dry humor to your jab, maybe?
accurate info.
http://www.vg247.com/2012/09/14/former-funcom-ceo-trond-aas-under-investigation-for-possible-insider-trading/
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.