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Helios and Matheson Analytics Inc. (NASDAQ: HMNY) Investor Securities Class Action Lawsuit 08/02/2018

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 7, 2021 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Helios and Matheson Analytics Inc.
Security
NASDAQ: HMNY

Case Name
Helios and Matheson Analytics Shareholder Class Action Lawsuit 08/02/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Helios_Settlement_12_11_2020.pdf
Settlement Proof
Helios _Proof_12_11_2020.pdf
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Settlement Overview

Date Settled
Settlement Amount
$8,250,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

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.