MoviePass Parent Co. Investors Announce $8.25M Settlement

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...

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