Levi & Korsinsky, LLP has commenced the securities action Shulman v. Alliance MMA, Inc., et al. (Case No. 1:17-cv-03282) in the USDC for the Southern District of New York on behalf of shareholders of Alliance MMA, Inc. (NASDAQ: AMMA) who purchased or otherwise acquired common stock pursuant and/or traceable to the Company’s Stock Offering on or about October 6, 2016.
The complaint alleges that, in connection with the initial public offering, defendants made false and/or misleading statements and/or failed to disclose that: (1) the condensed consolidated financial statements for the three months ended June 30, 2016 and six months ended June 30, 2016 could not be relied upon because of an error in recognizing as compensation transfers of common stock by an affiliate of Alliance MMA to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of Alliance MMA; and (2) as a result, defendants’ statements about Alliance MMA’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 12, 2017, Alliance filed a Form 8-K with the U.S. Securities and Exchange Commission revealing that certain of its financial statements should no longer be relied upon. The company further noted that it plans to include revised financial information in its Form 10-K for the year ended December 31, 2016.
If you suffered a loss in Alliance MMA you have until June 16, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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