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August 15, 2018 06:43 am GMT

MoviePass' owner lost a lot of money last quarter, and it's also getting sued

MoviePass' recent struggles are no secret, but things just got even worse. 

The movie subscription service's parent company Helios & Matheson Analytics Incfiled its quarterly earning report, revealing it ran up an operating loss of $126.6 million in the three months ending Jun. 30.

SEE ALSO: You never forget your first…big screen crush at the movies

The loss is well up from the $2.74 million deficit racked up by the company the same time last year. Helios & Matheson said that without additional funding, it "will not have sufficient funds to meet its obligations" by Aug. 14, 2019.

To add more headaches, one shareholder has filed a class action lawsuit in the Southern District court of New York against Helios & Matheson, plus its CEO Ted Farnsworth and CFO Stuart Benson, for being misled about the company's business and prospects. Read more...

More about Entertainment, Movies, Moviepass, Tech, and Movies Tv Shows

Original Link: http://feeds.mashable.com/~r/mashable/tech/~3/2v-4VdXD_OI/

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