National class action law firm, Glancy Prongay & Murray LLP (GPM) reminds investors of the October 1, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased or otherwise acquired Helios and Matheson Analytics Inc. (Helios or the Company) (NASDAQ: HMNY) common stock between August 15, 2017, and July 26, 2018, inclusive (the Class Period). Helios investors have until October 1, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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 Mathesons stock price fell more than 70%, to close at $2.00 per share on July 27, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects throughout the Class Period. Specifically, the complaint alleges that Defendants failed to disclose: (1) Helios and Matheson was touting MoviePass valuation and path to profitability; (2) MoviePass business model was not sustainable; (3) consequently, Helios and Matheson would run out of cash; (4) defendants actions were only reducing shareholder value; and (5) as a result, defendants statements about Helios and Mathesons business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
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If you purchased shares Helios during the Class Period you may move the Court no later than October 1, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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