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

If you purchased a significant amount of shares of Helios and Matheson Analytics Inc. (NASDAQ: HMNY) between August 15, 2017, and July 26, 2018, and / or if you purchased any NASDAQ: HMNY shares prior to August 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 1, 2018. NASDAQ: HMNY investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Helios and Matheson Analytics
Case Name: 
Helios and Matheson Analytics Shareholder Class Action Lawsuit 08/02/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: HMNY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/02/2018
Class Period Begin: 
08/15/2017
Class Period End: 
07/26/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/01/2018
Summary: 

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.