Levi & Korsinsky announces an investigation of Helios and Matheson Analytics Inc. (“Helios and Matheson” or “the Company”) (NASDAQ: HMNY) concerning possible violations of federal securities laws. Helios and Matheson is the parent company for MoviePass, a subscription-based movie theater ticketing platform.
On July 27, 2018, shares of Helios and Matheson plummeted after the Company 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. Following this news, shares of Helios and Matheson were down 59% on intraday trading on July 27, 2018.
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