New York AG Is Opening a Probe Into MoviePass Parent Helios
New York state authorities opened an investigation into whether the owner of the embattled MoviePass subscription service misled investors about its finances, according to a person familiar with the probe.
The investigation into parent company Helios & Matheson Analytics Inc. by New York Attorney General Barbara Underwood was opened under the state’s powerful Martin Act, said the person, who asked not to be identified because the information is private.
New York state authorities opened an investigation into whether the owner of the embattled MoviePass subscription service misled investors about its finances, according to a person familiar with the probe.
The investigation into parent company Helios & Matheson Analytics Inc. by New York Attorney General Barbara Underwood was opened under the state’s powerful Martin Act, said the person, who asked not to be identified because the information is private.
Helios had no immediate comment. CNBC reported the probe earlier Wednesday.
MoviePass has been battling for survival since it slashed prices last summer to attract subscribers. And it’s already facing at least two class-action lawsuits alleging that investors took a hit because it didn’t acknowledge being unable to pay its bills. In the suits, shareholders accuse the company of omitting and misstating its financial prospects in press releases when it touted a “sustainable” business model.
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