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Oklahoma City, OK (August 3, 2018) – On August 2, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Helios and Matheson Analytics, Inc. (NASDAQ: HMNY). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 15, 2017 through July 26, 2018. More specifically, this litigation was filed because Helios and Matheson Analytics Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Helios was touting MoviePass’ valuation and path to profitability; (ii) MoviePass’ business model was not sustainable, (iii) consequently, Helios would run out of cash, (iv) Defendants’ actions were only reducing shareholder value, and (v) as a result of the foregoing, Defendants’ statements about Helios’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On July 27, 2018, Helios and Matheson disclosed that a MoviePass service interruption occurred on July 26, 2018 because the Company was unable to make required payments to its merchant and fulfillment processors. On this news, Helios and Matheson’s stock price fell more than 70%, to close at $2.00 per share on July 27, 2018, thereby injuring investors.
Plaintiff seeks to recover damages on behalf of all Helios and Matheson Analytics, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, October 1, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org