LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Alliance MMA, Inc. (“Alliance MMA” or the “Company”) (NASDAQ: AMMA) concerning the Company and its officers’ possible violations of federal securities laws.
On March 31, 2017, the Company disclosed that it would not file its fiscal year 2016 10-K on time due to its efforts to resolve “certain matters relating to non-cash compensation expenses incurred prior to the Company’s initial public offering on September 30, 2016.”
Then, on April 12, 2017, the Company disclosed that its financial statements for the nine months 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 the Company to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of the Company.” The Company further stated that it plans to include revised financial information in its 10-K for the year ended December 31, 2016, for the nine months ended September 30, 2016, and for the three and six months ended June 30, 2016, and that the Company’s CFO has discussed the determination to restate the financial statements with the Company’s independent accounting firm.
On this news, the Company’s share price fell approximately 15% on April 13, 2017, thereby injuring investors.
If you purchased Alliance MMA securities, have information or would like to learn more about these claims, or 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 shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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