Alliance MMA Inc. is a mixed martial arts organization offering promotional opportunities for aspiring fighters to showcase their talent and advance to further professional competitions.

According to the law firm press release, the lawsuit alleges Defendants in connection with Alliance MMA’s initial public offering made false and/or misleading statements and/or failed to disclose that: (1) the condensed consolidated financial statements for the three months ended June 30, 2016 could not be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA; (2) the condensed consolidated financial statements for the six months ended June 30, 2016 could not be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA; and (3) as a result, Defendants’ statements about Alliance MMA’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 30, 2017, the Court issued an Order appointing Lead Plaintiffs and Lead Counsel. Plaintiffs filed an amended Complaint on January 16, 2018.

On March 9, 2018, the parties filed a Notice of Settlement, stating that the parties were in the process of formalizing a Settlement agreement. The parties entered into a Stipulation of Settlement on March 26, 2017. On June 28, 2018, the Court issued an Order preliminarily approving the Settlement. The Court issued an amended Order preliminarily approving the Settlement on June 29. On October 15, the Court the Court granted final approval of the Settlement and entered Final Judgment. On April 22, 2019, the Court issued an Order granting distribution of the Class Settlement funds.