Former MoviePass executives face fraud charges
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
"As alleged, the defendants deliberately and publicly engaged in a fraudulent scheme designed to falsely bolster their company's stock price," Assistant Director in Charge
Lowe and Farnsworth are accused of lying about the subscription's "unlimited" plan that offered customers the chance to see any number of movies in theaters for a flat monthly fee of
Further accusations state that the pair made fraudulent claims surrounding HMNY's technology, using terms like "big data" and "artificial intelligence" to describe the way subscription information was analyzed when no such technology was involved.
"The indictment repeats the same allegations made by the
MoviePass sent shock waves through
After shutting down operations in 2019 and liquidating into bankruptcy in 2020, MoviePass announced its impending return in August after co-founder
Spikes had plans to get the service up and running again "on or around
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