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Sara Salinas | Jim Forkin
The New York Attorney General Barbara Underwood has opened a probe into MoviePass parent company Helios and Matheson, a source familiar with the matter told CNBC.
The attorney general's office is investigating whether the company mislead the investment community regarding the company's financials, the source said. The investigation is in the early stages.
The attorney general is using the Martin Act, a statute designed to protect New York investors.
It's another stumble for MoviePass, which in recent months has repeatedly adjusted its movie subscription plans and taken out hefty loans to cover massive losses.
In August, Helios and Matheson reported it lost $100 million in the second quarter, putting the company on pace to blow through its remaining assets in the span of months.
The company skyrocketed to popularity with an initial subscription that allowed moviegoers to see a film a day for $9.95 per month. But the popularity hurt profits, and MoviePass over the course of just a few months, adjusted the plan to limit the available movies, raise monthly prices and restrict the number of films users could see per month.
Shares of Helios and Matheson fell 3 percent in extended trading Wednesday, though the stock trades for just 2 cents per share. A spokesperson for Helios and Matheson declined to comment.
This story is developing. Please check back for updates.
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