SEC v. Farnsworth

Theodore J. Farnsworth allegedly made materially false and misleading statements concerning Helios & Matheson Analytics Inc. (HMNY)’s subsidiary, MoviePass, Inc. According to the SEC’s complaint, between August 2017 and at least March 2019, Farnsworth and another defendant intentionally and repeatedly made misstatements in HMNY Commission filings, press releases, and in the press concerning key aspects of MoviePass’s business model. Further, the complaint alleges that, between January and April 2018, Farnsworth knowingly approved false invoices that a third defendant submitted to HMNY and MoviePass, disguising bonus payments as services purportedly provided by an entity that the third defendant controlled.

Summary generated from official Securities and Exchange Commission press release