According to the Complaint, Helios and Matheson Analytics Inc. ("Helios") identifies itself as a provider of information technology, services and solutions including a range of technology platforms focusing on big data, business intelligence, and consumer-centric technology.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Helios was touting MoviePass’ valuation and path to profitability; (ii) MoviePass’ business model was not sustainable, (iii) consequently, Helios would run out of cash, (iv) Defendants’ actions were only reducing shareholder value, and (v) as a result of the foregoing, Defendants’ statements about Helios’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On November 16, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-06965. Lead Plaintiff filed an amended Complaint on January 4, 2019.

On April 3, 2019, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on May 24. On August 6, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a third amended Complaint on August 16.

On October 6, 2020, the parties notified the Court that they had reached an agreement in principle to Settle the case. The parties entered into a Stipulation and Agreement of Settlement on December 11. On December 23, the Court granted preliminary approval of the Settlement. On May 13, 2021, the Court granted final approval of the Settlement and entered Final Judgment.

On February 23, 2022, the Court issued an Order approving distribution of the Settlement funds to authorized claimants.