SEC Says Old MoviePass Execs Lied to Us About How Well They Could Maintain $10 Subscriptions
against previous MoviePass execs, including former MoviePass CEO Mitch Lowe and ex-CEO of the parent company Ted Farnsworth, formerly of the analytics firm Helios and Matheson . The agency wrote that the companies and top execs lied to investors and the public about how they planned to be profitable as it promoted its $9.95 subscription service allowing for essentially unlimited movie viewings.
“Faced with debilitating negative cash flows—rather than tell the public the truth—Farnsworth and Lowe devised fraudulent tactics to prevent MoviePass’s heavy users from using the service, and falsely and misleadingly informed the public that usage had declined naturally or due to measures the company had employed to combat subscribers’ purported violations of MoviePass’s terms and conditions of service,” the SEC wrote in their initial complaint.
The lawsuit reads like a greatest hits album of MoviePass’ incredible attempts to shore up its failing business model. The company promised unlimited movies, but then tried to act coy when it suddenly
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