By Dave Simpson (December 11, 2020, 11:42 PM EST) -- Former executives from the nonoperational MoviePass app and its parent company have agreed to pay $8.25 million to end investors' New York federal court claims that they misled the public on the profitability of the moviegoing subscription service before the stock bottomed out, investors said Friday.
In an unopposed bid for preliminary approval of the deal, the investors in MoviePass parent Helios and Matheson Analytics Inc. said that the maximum estimated theoretical damages for the suit would be approximately $367.9 million and that the proposed settlement, which represents about 2.2% of the best-case scenario recovery, is fair in light of the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!