Insider Trading Allegations The Latest In The Streak Of Bad News For Funcom And The Secret World

Funcom, developer of modern-day MMO The Secret World, is just not having a good year.

While the game itself is quite interesting, it hasn't held the attention of players or subscribers, and poor sales led to massive layoffs, including the lead designer. Promised content updates have been repeatedly missing promised launch dates.

Making it all worse, the former CEO, who stepped down from the role the day before The Secret World's official launch, is now under investigation for insider trading.

As The Escapist reports, when Trond Aas changed position on July 2 from CEO to "strategic advisor" and chief strategy officer, he became eligible to sell his Funcom shares. He immediately tried to offload 1.5 million of them, though he only succeeded in selling 650,000.

On July 2, when Aas changed roles, Funcom stock was still worth $US17.60 a share; yesterday, it reached a high of $US2.17. The falloff has been dramatic. Norwegian authorities are now investigating the claims against Aas.

Perhaps insiders at Funcom knew that their MMORPG was likely to underperform, or perhaps it's a horribly unfortunate coincidence of timing. Either way, the allegations don't do The Secret World or Funcom any favours.

Former Funcom CEO Faces Insider Trading Allegations [The Escapist]


Comments

    how could you even buy this if you know about age of conan

      So what you're saying is that no one should or will ever learn from their mistakes in the past? I guess maybe it's the people who know about Anarchy Online that buy this...

    funny thing is the secret world is an amazing game.

      I agree. It's underperformac

    The game itself is great. It's still a themepark but the story and voiceovers have blown every other game away. I would recomend it to anyone that into horror/thriller movies just for the story. The gameplay is ok nothing ground breaking but its not terrible either.

    It's a very underrated game imo.

    Its brilliant, but does suffer from the classic mmo triangle of dps heal tank in endgame

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