National Lampoon said Monday it is launching a user-generated video site that will also have social networking features named KnuckleheadVideo.com.

The site will contain videos from writer/director Sam Maccarone, who stars in the soon-to-be-released “National Lampoon’s TV: The Movie,” due out later this year, as well as other user-generated content. National Lampoon will also feature a Knucklehead Video channel on its TogaTV.com broadband channel.

Investors weren’t laughing. Shares of the Los Angeles-based company were down 4 percent to $1.15 in early trading Monday.