Tag: TSW

Funcom Former CEO Under Investigation, Insider Trading


I’m happy to see that I am not the only person who was baffled when Funcom’s CEO Trond Arne Aas suddenly up and flew the coup before the launch of The Secret World. As many of you already know, Funcom’s stock tumbled following the launch of The Secret World, from $17 to $2.23. Luckily, and perhaps in a well timed move, Trond was able to sell off 650,000 shares, possibly with the knowledge that The Secret World would fail to meet even Funcom’s lowest expectation of sales.

And if you are thinking, “gee, Omali. That sounds a lot like insider trading,” you would be correct. According to an insider at Funcom, reported to The Escapist, Trond Arne Aas is under investigation by Norway’s Financial Services Authority and OSE. Aas is claiming that, as he had stepped down as CEO, he had no access to sales figures until Funcom posted its latest financial details.

The source states that he would not be surprised if Aas ultimately winds up in jail.

(Source: The Escapist)

Funcom's Shares Tank After The Secret World Launch


This week has certainly been interesting for Funcom. The Secret World launched earlier this week to be met with mostly positive reviews by critics.  On the eve of the game’s launch, however, Funcom’s CEO Trond Arne Aas resigned his role while staying on as a strategic adviser.

“The company’s financial position is strong and the foundation of the company’s long-term product and technology strategy is in place. It feels like a very natural point in time for me to make the transition to a new and freer role in the company, but I will remain committed to the Company both as a major shareholder and as an employee.”

In the past week, Funcom’s stock has dropped nearly 40%. Shares started the week out at $2.85 and since dropped to $1.73.

(Source: Gamespot)

Funcom’s Shares Tank After The Secret World Launch


This week has certainly been interesting for Funcom. The Secret World launched earlier this week to be met with mostly positive reviews by critics.  On the eve of the game’s launch, however, Funcom’s CEO Trond Arne Aas resigned his role while staying on as a strategic adviser.

“The company’s financial position is strong and the foundation of the company’s long-term product and technology strategy is in place. It feels like a very natural point in time for me to make the transition to a new and freer role in the company, but I will remain committed to the Company both as a major shareholder and as an employee.”

In the past week, Funcom’s stock has dropped nearly 40%. Shares started the week out at $2.85 and since dropped to $1.73.

(Source: Gamespot)