BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the October 1, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Helios and Matheson Analytics Inc. (“Helios” or the “Company”) (NASDAQ: HMNY) securities between August 15, 2017, and July 26, 2018, inclusive (the “Class Period”). Helios investors have until October 1, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Helios 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 howardsmith@howardsmithlaw.com.
On July 27, 2018, Helios and Matheson disclosed that a MoviePass service interruption occurred on July 26, 2018 because the Company was unable to make required payments to its merchant and fulfillment processors. On this news, Helios and Matheson’s stock price fell more than 70%, to close at $2.00 per share on July 27, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects throughout the Class Period. Specifically, the complaint alleges that Defendants failed to disclose that: (1) Helios and Matheson was touting MoviePass’ valuation and path to profitability; (2) MoviePass’ business model was not sustainable; (3) consequently, Helios and Matheson would run out of cash; (4) defendants’ actions were only reducing shareholder value; and (5) as a result, defendants’ statements about Helios and Matheson’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Helios during the Class Period you may move the Court no later than October 1, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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