LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of AMC Entertainment Holdings, Inc. (“AMC” or the “Company”) (NYSE: AMC) either (1) in AMC’s February 2017 public offering; or (2) on the open market between December 20, 2016 and August 1, 2017, inclusive (the “Class Period”). AMC investors have until March 13, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the AMC page on our website at www.glancylaw.com/case/amc-entertainment-holdings-inc. Investors that suffered losses on their AMC investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On August 1, 2017, AMC announced disappointing preliminary second quarter 2017 financial results, estimating a second quarter net loss of approximately $178.5 to $174.5 million, and a 2017 fiscal year net loss between $150 and $125 million. On this news, shares of AMC fell nearly 27% to close at $15.20 on August 2, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Carmike's operations had been experiencing a prolonged period of financial underperformance due to a protracted period of underinvestment in its theaters; (ii) Carmike had experienced a significant loss in market share when its loyal patrons migrated to competitors that had renovated and upgraded their theaters; (iii) AMC was able to retain only a very small number of Carmike's loyalty program members after the Carmike acquisition; (iv) these issues were then having a material adverse effect on Carmike's operations and theater attendance; and (v) as a result of Defendants' false statements and/or omissions, the price of AMC common shares was artificially inflated during the Class Period.
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If you purchased shares of AMC during the Class Period you may move the Court no later than March 13, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Source: Glancy Prongay & Murray LLP