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MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, according to a Department of Justice release on Friday.
The Department of Justice revealed that Theodore Farnsworth and Mitchell Lowe have both been charged with four counts of fraud.
MoviePass's former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company's movie-a-day
MoviePass parent company Helios & Matheson Analytics HMNY, CEO and Chairman Theodore Farnsworth and J. Mitchell Lowe, allegedly in a scheme to defraud investors through false and misleading representations relating to HMNY and MoviePass’s operations to artificially inflate the price of HMNY’s stock
Two former executives at MoviePass and its former parent company Helios and Matheson Analytics (HMNY) have been charged in a securities fraud case, according to court documents.