MoviePass Parent Company Under Investigation by New York Attorney General

New York Attorney General Barbara Underwood opened an investigation into MoviePass’ parent company, probing whether it “misled” investors about its financials. CNBC reports the attorney general’s office is in the “early stages” of its investigation into Helios and Matheson Analytics. The company said in a statement that it is “fully cooperating” with the investigation. “We believe our public disclosures have been complete, timely and truthful and we have not misled investors,” the company said. “We look forward to the opportunity to demonstrate that to the New York Attorney General.” The parent company reported a loss of $100 million in August, which reportedly puts it on track to “blow through its remaining assets in the span of months.” MoviePass had experienced outages months ago after it ran out of money, and it has since adjusted its offerings.

MoviePass Users Experience Outages, Movie RestrictionsTOO GOOD TO BE TRUE