Norwegian game developer Funcom (OSE: FUNCOM) released its Massively multiplayer online role-playing game (MMORPG) The Secret World this week. It was co-published by EA Partners of the Electronic Arts Inc. (NASDAQ: EA). The game has previously been known with working titles Cabal and The World Online. The gaming press has given warm reviews Funcom’s previous successes include Anarchy Online and Age of Conan: Hyborian Adventures).
The stock had made a tremendous run going into the launch. Many of the insiders also took the chance to exercise their cheap warrants and then sold some shares to be able to cover the taxes from the warrants exercise, the exercise price and lock some profits. The long-time CEO Trond Arne Aas stepped aside into an advisory role and was replaced by the COO Ole Schreiner. All of these issues escalated into a sell-off on the news that is yet to subside.
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