December 23, 2020 - The court preliminarily approved the settlement.
October 6, 2020 - The court was notified that the parties had reached an agreement in principle to settle the case.
August 16, 2019 - A third amended complaint was filed.
August 6, 2019 - The court denied the defendants' motion to dismiss.
May 24, 2019 - A motion to dismiss the second amended complaint was filed.
April 3, 2019 - A second amended complaint Wass filed.
January 4, 2019 - An amended complaint was filed.
August 2, 2018 - An investor in shares of Helios and Matheson Analytics Inc. (NASDAQ: HMNY) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Helios and Matheson Analytics Inc. in connection with certain allegedly false and misleading statements made between August 15, 2017, and July 26, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Helios and Matheson Analytics Inc. (NASDAQ: HMNY) common shares between August 15, 2017, and July 26, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 15, 2017, and July 26, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Helios was touting MoviePass’ valuation and path to profitability, that MoviePass’ business model was not sustainable, that consequently, Helios would run out of cash that Defendants’ actions were only reducing shareholder value, and that as a result of the foregoing, Defendants’ statements about Helios’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
New York, NY based Helios and Matheson Analytics Inc. provides a range of information technology (IT) solutions to Fortune 1000 companies and other organizations in the United States. Helios and Matheson Analytics Inc. reported that its annual Total Revenue rose from $6.7 million in 2016 to $10.44 million in 2017 and that its Net Loss increased from $7.38 million in 2016 to $145.97 million in 2017.
On July 27, 2018, Helios and Matheson Analytics Inc. filed a Form 8-K with the U.S. Securities and Exchange Commission acknowledging that an outage of the MoviePass service on July 26, 2018 was due to the Company running out of funds. According to the filing, Helios and Matheson was forced to borrow more than $6 million to resume operations.