Funcom is fined by Norwegian authorities

    
67
Every day, sadly.

In January of last year, Funcom was subject to a raid by Økokrim, the Norwegian agency responsible for investigating and prosecuting financial crimes. The company complied with the investigation, and the long-delayed penalty of that particular incident has come to light, with the beleaguered company ordered to pay a fine of 1,500,000 kroner due to promises and statements made at the launch of The Secret World.

Before panic sets in, it’s important to note that the amount translates to a bit more than $175,000 – substantial, but far less scary than the number in Norwegian currency. Still, with Funcom’s extant financial troubles, what would always have been bad news becomes even worse news.

Source: NewsWeb; thanks to Nordavind for the tip!
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crawlkill
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crawlkill

Damonvile agemyth Nordavind same as there are a bunch of currencies call dollars. not that strange, really.

crawlkill
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crawlkill

Celebeth it’s an insider trading thing, I think, not a false advertising thing.

Wratts
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Wratts

7BitBrian Wratts Rheem Octuris What the language is saying is that they’re aware the exposure exists, but didn’t reserve for it, at least as of 6/30.  Obviously it’s possible they created a reserve in the next 3+ months if they got better information on how much to set aside, but considering their IR site says Q3 financials won’t be released until 11/17, they probably shouldn’t be talking about that yet.  
The forums may well be considered a public venue, but at least in the US most companies would be pretty close-lipped about information like that in advance of their release.

7BitBrian
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7BitBrian

Wratts Rheem Octuris Ummm, think you should re-read that. It says they DO have a contingent liability related to the ØKOKRIM charge, not don’t. It just says they have no clue what the charge will be so they dont know if what they put back for it is enough or not.

And according to sources on the forums it turns out they put back more than enough to cover the fine, so they have a little extra now.

Vikingr
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Vikingr

Armsbend 
Luckily(?) Norway doesn’t add crimes so you can’t get more than one sentence at a time. In fact, you get rebate for all the other crimes you did. So if a car thief steals 20 cars before he gets caught he can only be sentenced for one of them in Norway.

BryanCo
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BryanCo

PizzaDoh  Gamewise I don’t think they broke any (except the promise of monthly content updates which was clearly unfeasible given the sales.)  What the authorities cared about had nothing to do with game, but with their major overestimate of TSW’s financial success which led to an impairment charge (on their books) of $35 million.

Vikingr
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Vikingr

SallyBowls1 
If anyone will buy the games, yes. But they may find it hard to get rid of something which don’t make money for the buyer, and end up only selling office assets instead.

schlag sweetleaf
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schlag sweetleaf

And yes, i am aware he’s Swedish..

Celebeth
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Celebeth

I’m still looking at the AoC pre-purchase box, with all the epic endgame content, that wasn’t there when AoC released.

What could possibly have been worse in TSW?

Kaaz
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Kaaz

mbbrazen apparently they have it planned for (and it turned up less than they put away) according to a poster on the forums