Funcom office raided?

[KhemiKool]

now this is an interesting tid bit.... that world boss just may not spawn...


The Secret World developer Funcom was delisted from the Norwegian stock exchange earlier today and is now under government investigation for negligent bookkeeping, according to statements published by the Oslo Stock Exchange.
The documents state Funcom is charged with infringement of the Securities Trading Act between Aug. 2011 and July 2012 for allegedly shared false financial information pertaining to The Secret World with the market. Funcom is also being charged for failing to maintain proper financial records during the game's launch and following months.
News reports state Funcom is cooperating fully and employees have been sent home as the investigation continues.
The company was hit with a round of layoffs in Sept. 2012...

[Jurski]

gettin cheaper.. maybe someone will buy it soon? +it is nicely(?) restructured lately

[Icoyce]

I've read articles in english but still didn't understood what it's all about. Can anybody make this short and easy ? ^^

Basically, part of Funcom's upper management (Mr. Trond Arne Aas and his cronies) did not play by the rules when selling FC shares before TSW was released. FC stock rose greatly just before launch, and tanked right after. This has been known for a long time. Why Økokrim (aka the Norwegian National authority for Investigation and Prosecution of Economic and Environmental Crime *gasp*) decides to raid FC HQ at this moment, so long after it happened, remains a mystery.

[Icoyce]

now this is an interesting tid bit.... that world boss just may not spawn...

No. AoC & TSW Live Teams, as well as CS and CM are located in Durham, NC. The employees in Oslo were sent home as to not 'tamper with evidence' or hinder Økokrim in their work. Only the top bosses and the people working on the LEGO game are in Oslo, I believe.

[Anubium]

http://www.newsinenglish.no/2014/01/...-raids-funcom/

[Rathothis]

For those who are interested in such things (your own fault if you are ), here's an English version of the Norwegian Securities Trading Act:

http://www.finanstilsynet.no/archive...4/10200042.pdf

Now all of this is speculation, but based on media reports, the investigation would appear to relate to

* failure to keep an appropriate list of insiders (sec 3.5 of the Act)

* based on the Norwegian e24 report: market manipulation (probably under sec 3.8.(2).3 of the Act).

Penalties for violation of these prohibitions are set out in sec 17.3 para 2 and 3 of the Act. These provisions read like the penalties are tailored towards natural rather than legal persons - but not being a Norwegian lawyer, I really can't be sure.

[Hekenkel]

http://www.newsweb.no/newsweb/search...ssageId=344653

*suspected for stock manipulation*

[Achreen]

Whats stock marked?

[Hekenkel]

Whats stock marked?

Stock manipulation is the process of inflating profits using illegal trading or information schemes. Shorting is legal but naked shorting is not.


for instance,
Pump and dump is slang for an illegal stock manipulation scheme in which a shareholder encourages others to buy his/her stock. Then when the price goes up due to the increased demand, the person sells it.

[Texan615]

Why does none of this surprise me at all?