Investors Sue MoviePass Owners As Stock Bottoms Out

Law360 (August 14, 2018, 2:56 PM EDT) -- Helios and Matheson Analytics Inc. investors filed a putative class action suit against the company alleging that it misled the public on the profitability of moviegoing subscription service MoviePass Inc. before the stock bottomed out, according to a filing in New York federal court Monday.

Shareholder Jeffrey Braxton alleges that Helios, which offers information technology consulting, software and training services and solutions, made various statements in filings with the U.S. Securities and Exchange Commission that misled the public in regard to MoviePass’ profitability as it increased ownership up to 81.2 percent before its stock dropped more than 96 percent when the...

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