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Thread: Funcom offices raided over allegations of insider trading

  1. #1
    General of Telara Hawkmoon0028's Avatar
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    Default Funcom offices raided over allegations of insider trading

    Gamebreaker.tv, Kotaku, and Massively are all running the story.

    http://massively.joystiq.com/2014/01...ck-infringeme/


    TSW or AoC players, your thoughts?

    Hawkemoon- Cleric- Greybriar
    Waiting for: Star Citizen

  2. #2
    Prophet of Telara
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    I reckon it's leftovers from the whole ex-CEO insider trading shennanigans that went on prior to TSW's release. Waiting to see what happens. I don't expect it to result in much more than a fine and some harsh words tbh. Don't think it'll affect the running of TSW, AoC or AO or the development of the lego stuff directly. That said, the negative publicity won't do investor confidence much good...
    I will not delete my characters for an unwated server merge.

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    General of Telara Hawkmoon0028's Avatar
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    Quote Originally Posted by Islesi View Post
    I reckon it's leftovers from the whole ex-CEO insider trading shennanigans that went on prior to TSW's release. Waiting to see what happens. I don't expect it to result in much more than a fine and some harsh words tbh. Don't think it'll affect the running of TSW, AoC or AO or the development of the lego stuff directly. That said, the negative publicity won't do investor confidence much good...
    I just thought it was interesting, but mostly because I was just considering checking out TSW.

    As for investor worries... These days, pretty much everything with the LEGO name stamped on it is gold, so they'll probably come out alright.

    Hawkemoon- Cleric- Greybriar
    Waiting for: Star Citizen

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    Prophet of Telara
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    Well I like TSW a great deal and it's such a completely different game to rift in virtually every aspect, I can play the two alongside one another and not feel like 'same crap different character visuals'
    I will not delete my characters for an unwated server merge.

  5. #5
    Champion Kaiser Phoenix's Avatar
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    i dont think it has any longterm effects.

    i really love tsw. best 20 dollars you can spend beside charity to non-corrupt corporations.

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    Quote Originally Posted by Kaiser Phoenix View Post
    i dont think it has any longterm effects.

    i really love tsw. best 20 dollars you can spend beside charity to non-corrupt corporations.
    Charity to non-corrupt corporations? You need to google search a man named Erling Ellingsen. You can further refine that search with the added term, +lie. He was the communications director at Funcom before and during the Age of Conan launch. He was the guy responsible for... well, things like them blatantly mislabeling the box with DirectX 10 support when it was in fact only DirectX 9. He did such a lovely job that Funcom fired him.

    So, he married one of the VP's daughters and got rehired as the overall communications director at Funcom.

    Then you have the issues with their former CFO who got caught red-handed double-billing customers on rotating 29 day billing cycles in order to skim additional year end profits in order to boost their 4Q revenue numbers.

    THEN you have the issue where not one but the last 2 Funcom CEOs got dinged for insider trading and with this last go around, they had to be bailed out by the Norwegian standards and banking department (their version of a Chapter 11 bankruptcy). There, they get free grant money from the government to stay in business during financial insolvency.

    This of course was brought about by their marketing team (Again, headed by Ellingsen) who purposely oversold TSW and its estimated launch sales by using numerous investor's calls, quarterly reports and other media in order to hyper-inflate their stock price so the chief executives could sell their stock on launch day.

    You call this an honest company? If they were an American corporation their entire board of directors would be in a Federal district court answering to charges (well, considering this is old news they'd already be in prison).

    Norway doesn't have the same laws.
    Last edited by Laeris; 01-29-2014 at 05:01 PM.

  7. #7
    Champion Kaiser Phoenix's Avatar
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    Quote Originally Posted by Laeris View Post
    Charity to non-corrupt corporations? You need to google search a man named Erling Ellingsen. You can further refine that search with the added term, +lie. He was the communications director at Funcom before and during the Age of Conan launch. He was the guy responsible for... well, things like them blatantly mislabeling the box with DirectX 10 support when it was in fact only DirectX 9. He did such a lovely job that Funcom fired him.

    So, he married one of the VP's daughters and got rehired as the overall communications director at Funcom.

    Then you have the issues with their former CFO who got caught red-handed double-billing customers on rotating 29 day billing cycles in order to skim additional year end profits in order to boost their 4Q revenue numbers.

    THEN you have the issue where not one but the last 2 Funcom CEOs got dinged for insider trading and with this last go around, they had to be bailed out by the Norwegian standards and banking department (their version of a Chapter 11 bankruptcy). There, they get free grant money from the government to stay in business during financial insolvency.

    This of course was brought about by their marketing team (Again, headed by Ellingsen) who purposely oversold TSW and its estimated launch sales by using numerous investor's calls, quarterly reports and other media in order to hyper-inflate their stock price so the chief executives could sell their stock on launch day.

    You call this an honest company? If they were an American corporation their entire board of directors would be in a Federal district court answering to charges (well, considering this is old news they'd already be in prison).

    Norway doesn't have the same laws.

    because the companies of dudebro land are SO not corrupt

    let's see how the biggest video game company from terra nova treats their employees whose work raked them millions of profits: http://brokentoys.org/?m=201003&paged=2

    do you really think your states companies are clean?

    nublet, please...

    cease your hypocritical finger pointing

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