Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in AMC Entertainment Holdings (NYSE:AMC) in connection to alleged violations of securities laws by AMC. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in AMC Entertainment Holdings from December 20, 2016 until August 1, 2017.
The class action complaint specifically alleges that during the period in question, AMC might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: Carmike Cinemas, a chain of theaters acquired by AMC, was suffering from poor financial performance stemming from underinvestment; that Carmike Cinemas suffered from a reduction in its market share when its customers moved to competitors with renovated locations; that AMC Entertainment Holdings kept only a fraction of Carmike customers who had been enrolled in Carmike’s loyalty program; that these circumstances had borne a negative effect on Carmike’s attendance numbers and overall operations; and that consequently AMC’s common share price during the relevant period was the result of artificial inflation. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, AMC Entertainment Holdings is a chain of movie theaters founded in 1920, and “the largest movie exhibition company in the U.S., Europe and the world with approximately 1,000 theatres and more than 11,000 screens across the globe.” It boasts the first or second market share positions in “22 of the 25 largest” US metropolitan regions, according to its website. Its subsidiary Odeon, which operates in 14 countries in Europe, is “the #1 theatre chain” in countries including Estonia, Finland, Italy, Latvia, the UK and Ireland. AMC Entertainment Holdings trades on the New York Stock Exchange under the symbol AMC.
A class action lawsuit has already been filed in connection with AMC Entertainment Holdings. If you wish to serve as lead plaintiff in the AMC lawsuit, you must move the Court no later than March 13, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.