MoviePass Owner Over-Reports Subscriber Revenue for Q3 2018, Suffers $147 Million in Net Losses
During its most recent third quarter, MoviePass parent company Helios and Matheson Analytics Inc. thought the subscription service had more members than it actually did. On Tuesday the company re-reported revenue for the period that was more than 8 percent below where it originally thought.
In a filing with the Securities and Exchange Commission on Tuesday, Helios and Matheson said that the company’s board of directors and audit committee decided on Monday that its previously reported quarterly and year-to-date financial statements for the quarter ended Sept. 30, 2018 were no longer reliable.