NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Alliance MMA, Inc. (NASDAQ: AMMA) securities between October 3, 2016 and April 17, 2017 (the “Class Period”). Investors have until June 16, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that, in connection with the Company’s initial public offering, Defendants made false and/or misleading statements and/or failed to disclose that the condensed consolidated financial statements for the three months ended June 30, 2016 and six months ended June 30, 2016 could not be relied upon due to an error in recognizing as compensation transfers of common stock by an affiliate of Alliance to individuals who were at the time of transfer, or subsequently became, officers, directors, or consultants of Alliance.
On October 6, 2016, Alliance held its IPO at $4.50 per share. On April 12, 2017, Alliance filed a Form 8-K with the U.S. Securities and Exchange Commission, revealing that certain of its financial statements should no longer be relied upon. The Company further disclosed that it plans to include revised financial information in its Form 10-K for the year ended December 31, 2016. Following this news, Alliance shares fell $0.31 per share, or over 12%, to close at $2.24 on April 13, 2017.
Alliance shares have continued to decline. On May 24, 2017, shares closed at $1.27, a decline of nearly 72% from the IPO price.
If you purchased or otherwise acquired Alliance securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Alliance lawsuit, please go to www.bespc.com/amma. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.