MINNEAPOLIS, April 17, 2017 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P announces that it is investigating claims on behalf of investors of Alliance MMA, Inc.
The investigation focuses on whether Alliance MMA and certain of its officers and directors violated federal securities laws. On March 31, 2017, the Company disclosed that it would be unable to timely file its fiscal year 2016 10-K 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. On April 12, 2017, Alliance MMA 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 also disclosed 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. It was also disclosed that Alliance MMA’s CFO had discussed the determination to restate the financial statements with the Company’s independent accounting firm. As a result of these disclosures, on April 13, 2017, the Company’s share price fell approximately 15%.
If you purchased or otherwise acquired Alliance MMA stock on or before April 12, 2017, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Gregg M.Fishbein, Esq. ( gmfishbein@locklaw.com ) Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South, Suite 2200 Minneapolis, MN 55401 Tel: (612) 339-6900
