Forum - View topicNEWS: Navarre Sued In Relation to Funimation Acquisition
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GATSU
Posts: 15577 |
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Don't really care about Navarre. I just hope the litigation doesn't deter the dvd releases.
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TiredGamer
 Posts: 246 Location: Florida |
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Shortly later Navarre withdrew the statement regarding the purchase of Funimation.
This almost makes it seem like Navarre called the deal off, but the remainder of the article does not back that up. The real substance here is the suspecion of securities fraud and insider trading. Whatever the outcome I think Funimation's ownership is probably sweating over this. If the FUD the upper execs spread (withdrawing the announcement) has hurt Navarre's stock price and financials, then the deal might a poisoned cup for Funi. |
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Joe Mello
 Posts: 2312 Location: Online Terminal |
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Looks like the SEC is going to have some fun with this one. This is basically why measures like them were created. If I do recall correctly, mega-owners used to run up their own stocks all the time in the early 20th century (even though they were being insanely run up without their help) before the infamous Black Thursday in 1929.
But enough with the (flawed) history lesson. tiredgamer is very right in believing that there are some very nervous people in Texas tonight. |
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ACDragonMaster
 Posts: 405 |
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Well, while I'm indifferent to Nevarre, this seriously concerns me about whether Funimation's going to be hurt by it. Especially considering the timing- Funi is in the middle of releasing the Fullmetal Alchemist series, the movie of which is just coming out in Japan this weekend...
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icepick314
 Posts: 486 Location: Back in the Good Ol' US of A |
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huh?
what the hell does this mean? |
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The Xenos
 Posts: 1519 Location: Boston |
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Basically Navarre, who I belive did buy funimation and is now their parent company, played games with their stock. They did this as they were buying Funimation and it sounds like they used some of they money they made from their illegal insider trading to buy the company. Or at least they made money by playing illegally with buying and selling their own stock while the Funimation deal was going down.
-Xenos |
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Tempest
 I Run this place.ANN Publisher  Posts: 10461 Location: Do not message me for support. |
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To clear up a few things, Funimation was purchased by Navarre, but at a later time. (1. Navarre announced the offer, 2. withdrew the offer, 3. announced an offer for a lesser value, and 4.finally closed the deal). Only 1 & 2 are relevant to this lawsuit.
Proceeds for the sales of stocks were not used to buy Funimation, they went into the pockets of the people who sold them. The CEO for example sold several million dollars worth of stock that he personally owned. Funimation's involvement is this 1) Navarre is alleged to have used the announcement that it was buying Funimation as 1 of several means to artificially inflate the stock. 2) When that announcement was later withdrawn, Navarre's stock value fell by more than half. If the allegations are true, Funimation was just a pawn, not party to the fraud. However FUNimation's former owners may have accepted the stock portion of the purchase under the belief that the stock was worth a certain amount. If that is the case, they themselves could also be considered defrauded by the actions of the Navarre executives & directors. However, since Navarre's stock was already low at the time of the second offer, I doubt this is the case. -t |
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SecretSquirrel
Posts: 6 |
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It means you don't screw with the stock market by profitting from inside information before it becomes public. See Martha Stewart. |
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kusanagi-sama
 Posts: 1723 Location: Wichita Falls, TX |
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So, FUNimation is by no means in trouble financially or otherwise due to Navarre's stupid stunt.
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one3rd
 Posts: 1818 Location: アメリカ |
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Well, I suppose Funimation could be in financial trouble if Navarre ends up in financial trouble after all of this is done.
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kusanagi-sama
Posts: 1723 Location: Wichita Falls, TX |
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Well, I doubt that. FUNimation could also sue its parent company for fraud and request a nullification of the contract.
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Mohawk52
 Posts: 8202 Location: England, UK |
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No, but it could mean that FUNimation will be up for sale quite soon if this goes against Navarre and the company is ordered to pay a fine that is equal to the total windfall from those inflated stock sellings, plus costs. I will speculate that there is some serious damage control going on in the accounting office at FUNi HQ right now.
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one3rd
Posts: 1818 Location: アメリカ |
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Read Tempest's post again. |
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Mohawk52
Posts: 8202 Location: England, UK |
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Twage
Posts: 364 Location: North Bergen, NJ |
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I think what he's saying is that the problem is with these two guys, not with Navarre. Navarre (and by extension FUNi) will never have to pay anything even if its execs lose the case. Though the complaint does mention Navarre Corporation, which doesn't make much sense if it's the execs as private individuals that were engaging in the insider trading and not the company itself.
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