Alliance MMA Inc (NASDAQ: AMMA) Investor Securities Class Action Lawsuit 04/17/2017

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Company Name(s): 
Alliance MMA
Case Name: 
Alliance MMA Shareholder Class Action Lawsuit 04/17/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: AMMA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/17/2017
Class Period Begin: 
10/06/2016
Class Period End: 
04/12/2017
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
06/16/2017
Date Settled: 
06/29/2018
Settlement Amount: 
$1,550,000
Deadline to Participate in Settlement: 
09/11/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

June 29, 2018 - The court preliminarily approved the settlement.

March 27, 2018 - Parties filed a stipulation of settlement.

April 19, 2018 - The court dismissed the motion to dismiss without prejudice.

March 2, 2018 - Defendants filed a motion to dismiss.

January 16, 2018 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Alliance MMA Inc (NASDAQ: AMMA) common shares between October 6, 2016 and April 12, 2017. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between October 6, 2016 and April 12, 2017.

November 30, 2017 - Lead plaintiff and lead counsel were appointed.

June 16, 2017 - Lead plaintiff motions were filed.

April 17, 2017 - An investor in shares of Alliance MMA Inc (NASDAQ: AMMA) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Alliance MMA Inc in connection with certain allegedly false and misleading statements made in connection with Alliance MMA Inc’s initial public offering (“IPO”) on or about October 6, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Alliance MMA Inc (NASDAQ: AMMA) securities pursuant and/or traceable to Alliance MMA Inc’s initial public offering on or about October 6, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants in connection with Alliance MMA Inc’s initial public offering made allegedly false and/or misleading statements and/or failed to disclose that the condensed consolidated financial statements for the three months ended June 30, 2016 could not be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA Inc to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA Inc, that the condensed consolidated financial statements for the six months ended June 30, 2016 could not be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA Inc to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA Inc, and that as a result, defendants’ statements about Alliance MMA Inc’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

New York based Alliance MMA Inc is a mixed martial arts organization offering the premier developmental league for mixed martial arts (MMA) fighters to advance to the sport's highest level of professional competition.

On March 31, 2017, Alliance MMA Inc announced that it would be unable to timely file its Form 10-K for the period ended December 31, 2016 due to efforts to resolve certain matters relating to non-cash compensation expenses incurred prior to its initial public offering on September 30, 2016.

On April 12, 2017, Alliance MMA Inc revealed that its previously issued condensed consolidated financial statements for the nine months ended September 30, 2016, for the quarter ended September 30, 2016 and for the three and six months ended June 30, 2016 should no longer be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA Inc to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA Inc.