STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or the “Company”) securities during the period between December 20, 2016 and August 1, 2017, inclusive (the “Class Period”), including purchasers in the Company’s secondary public offering on or about February 8, 2017. Investors who wish to become proactively involved in the litigation have until March 13, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in AMC securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the SPO and during the Class Period that the Company’s Carmike Cinemas, Inc.’s (“Carmike”) operations had been experiencing a prolonged period of financial underperformance due to a protracted period of underinvestment in its theaters, that Carmike had experienced a significant loss in market share when its loyal patrons migrated to competitors that had renovated and upgraded their theaters, that AMC was able to retain only a very small number of Carmike’s loyalty program members after the Carmike acquisition, and that these issues were then having a material adverse effect on Carmike’s operations and theater attendance.
According to the complaint, following an August 1, 2017 announcement of its preliminary second quarter 2017 financial results, the value of AMC shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in AMC securities purchased on or after December 20, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.