MoviePass' owner lost a lot of money last quarter, and it's also getting sued
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MoviePass' recent struggles are no secret, but things just got even worse.
The movie subscription service's parent company Helios & Matheson Analytics Incfiled its quarterly earning report, revealing it ran up an operating loss of $126.6 million in the three months ending Jun. 30.
The loss is well up from the $2.74 million deficit racked up by the company the same time last year. Helios & Matheson said that without additional funding, it "will not have sufficient funds to meet its obligations" by Aug. 14, 2019.
To add more headaches, one shareholder has filed a class action lawsuit in the Southern District court of New York against Helios & Matheson, plus its CEO Ted Farnsworth and CFO Stuart Benson, for being misled about the company's business and prospects. Read more...
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Wednesday, August 15, 2018
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