NEW YORK, May 30, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alliance MMA, Inc. ("Alliance" or the "Company") (NASDAQ: AMMA) of the June 16, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Alliance securities pursuant to the Company's initial public offering on or about October 6, 2016 (the "IPO"). The case, Shapiro v. Alliance MMA, Inc. et al, No. 1:17-cv-02583 was filed on April 17, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the financial statements for the three 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 to individuals who were at the time of transfer, or subsequently became, officers, directors or consultants of the Company; and (2) as a result, the Company's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, after market on April 12, 2017, Alliance filed a Form 8-K with the Securities and Exchange Commission revealing its previously issued financial statements for the three and six months ended June 30, 2016 should no longer be relied upon.
Since the Company's IPO, Alliance's share price has significantly declined, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/AMMA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Alliance's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP