MoviePass parent under New York attorney general’s probe: report

MoviePass parent under New York attorney general’s probe: report

New York Attorney General Barbara Underwood has opened a probe into Helios and Matheson Analystics Inc. HMNY, +3.63% Moviepass’s parent company, according to a report on CNBC Wednesday that cited people familiar with the matter. The attorney general’s office is investigating whether the company misled investors regarding its finances, and the probe is in its early stages, the report said. MoviePass was once seen as the next big thing in film viewing, but the company burned through cash after slashing its subscriber fees and analysts have raised concerns about the sustainability of its business model. Shares of Helios and Matheson fell 5% in the extended session, and ended the regular trading day up 3.6% to end at less than a penny a piece.

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