BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of AMC Entertainment Holdings, Inc. (“AMC” or the “Company”) (NYSE: AMC) (1) pursuant and/or traceable to AMC's false and misleading Registration Statement and Prospectus, issued in connection with the Company's secondary public offering on or about February 8, 2017 (the "SPO" or the "Offering"); and/or (2) on the open market between securities between December 20, 2016 and August 1, 2017, inclusive (the “Class Period”) AMC investors have until March 13, 2018 to file a lead plaintiff motion.
Investors suffering losses on their AMC investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On August 1, 2017, AMC announced disappointing preliminary second quarter 2017 financial results, estimating a second quarter net loss of about $178.5 to $174.5 million, and a 2017 fiscal year net loss between $150 and $125 million. On this news, shares of AMC fell nearly 27% to close at $15.20 on August 2, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Carmike's operations had been experiencing a prolonged period of financial underperformance due to a protracted period of underinvestment in its theaters; (ii) Carmike had experienced a significant loss in market share when its loyal patrons migrated to competitors that had renovated and upgraded their theaters; (iii) AMC was able to retain only a very small number of Carmike's loyalty program members after the Carmike acquisition; (iv) these issues were then having a material adverse effect on Carmike's operations and theater attendance; and (v) as a result of Defendants' false statements and/or omissions, the price of AMC common shares was artificially inflated during the Class Period.
If you purchased shares of AMC, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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