NEW YORK, April 20, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey 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.
Investors who have incurred losses in Alliance MMA, Inc. s hares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased Alliance MMA, Inc. shares and would like to assist with the litigation process as a lead plaintiff, you may, no later than June 16, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774 Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
