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MoviePass Is Being Sued By Its Shareholders After Huge Quarterly Loss
MoviePass has been having a rough go of late as the movie ticket subscription service tries to find a business model that keeps the company sustainable. Now MoviePass has even more problems. The service's parent company Helios and Matheson just posted a quarterly loss of over $126 million for the second quarter of 2018, and if that wasn't enough, the company is also being sued by shareholders.
Shareholder Jeffrey Braxton filed a class action lawsuit on Monday against Helios and Matheson claiming that shareholders in the company were misled regarding the company's business and its prospects. As a class action suit, hundreds or thousands of people could potentially become plaintiffs in the case. The suit seeks to recover the losses that shareholders suffered as a result of what the complaint calls "false and misleading statements or material omissions" from the parent company. Helios and Matheson, CEO Ted Farnsworth and CFO Stuart Benson are all named in the suit.
According to Deadline, the suit appears stems from the incident in late-July where MoviePass stopped working for all subscribers. It was later revealed that MoviePass had needed a massive cash infusion in order to be able to afford its merchants. Since then, MoviePass implemented one major change to its structure, that was then rolled back and replaced by a second new set of policies when the first set turned out to be unpopular with subscribers.
MoviePass very likely has a lot of angry shareholders right now, as the company's stock closed at a value of $.05 a share yesterday. The stock has dropped below $1 per share twice in the last couple months, even after a reverse stock split was instituted in order to bolster share value. At this point, MoviePass quite literally isn't worth very much.
Part of this is certainly due to the fact that a significant number of people have canceled the service in recent days, or at least tried to, as some reports have indicated that MoviePass may have "uncancelled" some subscribers. MoviePass instituted a peak pricing policy that charged users a premium for some movies while blacking out others from being accessible via the MoviePass app. While MoviePass' new program removes peak pricing as well as most blackouts, MoviePass' cancellation policy prevents somebody who ends their subscription from reactivating it for nine months, so the people who are gone are going to be gone for a while, even if the policy changes have made the service enticing again.
It seems that everywhere MoviePass turns it runs into more problems, and between the significant operating loss and now a lawsuit, things are continuing to get worse before they have a chance to get better. Whether or not they actually will get better remains to be seen.
It's hard to escape the sense that clever superhero spoof Mystery Men was just a bit too ahead of its time when it dropped in 1999. Superhero movies hadn't yet come to dominate pop culture the way that they have today - so casual viewers largely ignored this indie comics adaptation and it flopped as a result.
The 20 greatest superhero movie villains of all time
Successful actor and comedian Kevin Hart, who has long said he would like to one day host the Academy Awards, was just announced as the master of ceremonies for the 91st Oscars ceremony on
Kevin Hart Won't Host The Oscars After All - refinery29.com
John Krasinski's astonishingly tense horror film A Quiet Place sees The Office US's charming goofball Jim turn his talents to creeping dread both in front of and behind the camera, in a film
John Krasinski Shares A Conversation He Had About Farting In
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The world got their first look at 'Stranger Things' star David Harbour as Hellboy in the upcoming reboot, and now new images featuring him have surfaced online. Production for the upcoming flick is currently underway in England and a few snaps from the set were taken.
Hellboy Movie Poster Reveals New Look at David Harbour In
A Star is Born has continued its slow climb into the box office record books, and the film just passed a significant milestone. While the movie has never been number one at the box office, A Star is Born has been steadily raking in the cash, and now, the film has surpassed Fifty Shades Of Grey as the highest-grossing domestic romantic movie that isn't an action movie or fantasy film.
Fifty Shades Of Grey - CINEMABLEND
Why The Nightmare On Elm Street Reboot Hasn't Happened Yet, According To The Writer Home 2018 December 27 Why The Nightmare On Elm Street Reboot Hasn't Happened Yet, According To The Writer feel free to call us +646-389-3981 info@mmnofa.com
Why The Nightmare On Elm Street Reboot Hasn't Happened Yet
Why Jude Law's Reported Captain Marvel Role Makes Perfect Sense For The Movie December 7, 2018 News No comments This character's presence may not be confirmed, but he would be a good fit for Carol Danvers' MCU origin story.
Why an Odd CAPTAIN MARVEL Toy Rumor Makes a WHOLE. LOTTA.
comictips.com/2018/12/02/why-an-odd-captain-marvel-toy-rumor-makes-a-whole-lotta-sense/
And in that way, the idea that Jude Law would play Yon-Rogg, a treacherous Kree Commander, makes perfect sense - if that's his true Captain Marvel role. Originally in the comic books, it's Yon-Rogg that maroons Mar-Vell on Earth, leading him to meet Carol Danvers and become a superhero in the first place.
New & Upcoming Jude law Movie News - CINEMABLEND
With Mission: Impossible - Fallout's release this weekend, the hopes of an entire franchise hinge on the results. Though, when you think about it, Henry Cavill's future is pretty tied into things
Henry Cavill Online | Your resource for British actor Henry
henrycavillonline.net
Welcome to Henry Cavill Online your source dedicated to British actor Henry Cavill. Henry is best known for his role as Clark Kent in the "Justice League" films. He has also starred in the movies "Mission: Impossible - Fallout", "The Man From U.N.C.L.E.", "Immortals" and in the television series "The Tudors".
Full Toy Story 4 Trailer Brings Back Bo Peep And Even Andy Movies March 19, 2019 No Comments The trailer allows us to get to get to know the odd new toy of Forky a lot better.
Full Toy Story 4 Trailer Brings Back Bo Peep And Even Andy
Comic title: Bill & Ted's Excellent Comic Book #8 Written by Tom Brevoort and Mike Kanterovich Drawn by Steve Buccellato & Marie Severin Format: Single issue from the Bill & Ted's Excellent Comic Book on-going series. Bill & Ted get Malled! This issue was not included in SLG's collection because it wasn't made by Evan Dorkin, it's as simple as
Bill & Ted's Excellent Comic Book (Comic Book) - TV Tropes
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