Replies to post #52102 on Helios and Matheson Analytics Inc (HMNY)

[packerfan9]

Could file class action but he is broke and going to jail. Even if suit wins nothing to collect. Waste of time and it take years. Since charged with fraud you can deduct total loss for taxes.

[1manband]

As Packerfan9 said, not much. Any class action suit will likely be fairly pointless, as they likely don't have enough money to provide all the harmed investors with much, if any, money. That is probably why no attorney has filed one yet.

The best bet is to see if the SEC is able to recover any funds as a result of their lawsuit. If they do, they might establish a fair funds for investors and return the money to investors. That is much easier than a class-action lawsuit and doesn't cost investors anything, as the SEC foots the bill.