BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Alliance MMA, Inc. (“Alliance MMA” or the “Company”) (NASDAQ: AMMA) securities pursuant and/or traceable to the Company’s Initial Public Offering (the “IPO”) on or about October 6, 2016. Alliance MMA investors have until June 16, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Alliance MMA investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On March 31, 2017, the Company disclosed that it would not file its fiscal year 2016 10-K on time due to its efforts to resolve “certain matters relating to non-cash compensation expenses incurred prior to the Company’s initial public offering on September 30, 2016.” Then, on April 12, 2017, the Company disclosed that its financial statements for the nine months ended September 30, 2016 and for the three and six months ended June 30, 2016 should no longer be relied upon because of “an error in recognizing as compensation transfers of common stock by an affiliate of the Company to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of the Company.” The Company further stated that it plans to include revised financial information in its 10-K for the year ended December 31, 2016, for the nine months ended September 30, 2016, and for the three and six months ended June 30, 2016, and that the Company’s CFO has discussed the determination to restate the financial statements with the Company’s independent accounting firm. On this news, the Company’s share price fell approximately 15% on April 13, 2017, thereby injuring investors.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that the Company’s financial statements were not prepared in accordance with accounting requirements.
If you purchased shares of Alliance MMA during the Class Period you may move the Court no later than June 16, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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