The Secret World Developer Funcom Under Investigation for Insider Trading

By   /   Jan 29, 2014

Funcom, developer of The Secret World, is under investigation for negligent bookkeeping and accusations of insider trading.

The company’s staff was sent home earlier today after it was delisted from the Norwegian stock exchange. The accusations are pretty severe and according to statements published by the Oslo Stock Exchange, Funcom is charged with infringement of the Securities Trading Act between August 2011 and July 2012 for sharing false financial information with the market regarding development of The Secret World.

Trond Arne Aas, the former CEO of Funcom, was put under investigation for the same insider trading when the company’s stocks took a dive following layoffs in September 2012.

A year later a major company-wide restructuring was announced, which resulted in the closure of its Beijing studio and layoffs in its Montreal and Raleigh offices. Funcom’s most recent financial report showed total revenue down by nearly 50 percent year-over-year.

Currently Funcom has reported to be cooperating fully with the investigation. It’s unknown if this will have any impact on The Secret World or other Funcom games.

Source: Oslo Stock Exchange

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