Ahead of the official relaunch of subscription-based movie ticketing service MoviePass, the Securities and Exchange Commission (SEC) filed a complaint against three of its former executives, claiming they lied to investors and the public.
The SEC filing targeted former MoviePass CEO Mitch Lowe and Ted Farnsworth, the former CEO of parent company Helios and Matheson Analytics (HMNY), claiming they lied about how it planned to be profitable and used “fraudulent tactics to prevent MoviePass’s heavy users from using the [unlimited subscription service],” the SEC wrote.
When under the rule of Lowe
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Former MoviePass execs are being sued by the SEC for lying to customers
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