NYSE:AMC Investor Notice: Update in Lawsuit against AMC Entertainment Holdings Inc announced by Shareholders Foundation
SAN DIEGO, CA / ACCESSWIRE / September 25, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in AMC Entertainment Holdings Inc (AMC) shares.
Investors, who purchased shares of AMC Entertainment Holdings Inc (AMC) in December 2016 or earlier and continue to hold NYSE:AMC shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On November 30, 2016, AMC Entertainment Holdings Inc completed the acquisition of the outstanding equity of Odeon and UCI Cinemas Holdings Limited ("Odeon") for $637 million. As of the acquisition date, Odeon operated 242 theaters with 2,243 screens throughout Europe. On December 21, 2016, AMC Entertainment Holdings Inc completed the acquisition of Carmike Cinemas, Inc. ("Carmike") for $858.2 million. As of the acquisition date, Carmike operated 271 theaters and 2,923 screens located in 41 states across the United States.
On January 12, 2018, a lawsuit was filed against AMC Entertainment Holdings Inc over alleged violations of Federal Securities Laws. The plaintiff alleges that the defendants failed to disclose that Carmike's operations had been experiencing a prolonged period of financial underperformance due to a protracted period of underinvestment in its theaters, that Carmike had experienced a significant loss in market share when its loyal patrons migrated to competitors that had renovated and upgraded their theaters, that AMC was able to retain only a very small number of Carmike's loyalty program members after the Carmike acquisition, that these issues were then having a material adverse effect on Carmike's operations and theater attendance and that as a result of defendants' false statements and/or omissions, the price of AMC common shares was artificially inflated between December 20, 2016 and August 1, 2017, trading above $35 per share.
In August and November 2018, amended complaints were filed, and defendants filed their motion to dismiss the case in October, respectively in January 2019. On September 23, 2019, the court in part denied the motion to dismiss the lawsuit.
Those who purchased AMC Entertainment Holdings Inc (AMC) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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