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Rgb Side Hero Username: Rgb Post Number: 5360 Registered: 06-2014 Posted From: 185.232.22.136 Rating: N/A |
The long-term viability of MoviePass and its parent company, Helios and Matheson Analytics (HMNY), has been thrown into question as its monthly losses have risen to $45 million. HMNY's leadership has also made "confusing" statements about its financial situation. Another piece of the HMNY story that could concern investors: the presence of current board member and major shareholder, Muralikrishna Gadiyaram, who's the CEO of HMNY's former Indian parent company, Helios and Matheson Information Technology (HMIT). In 2016, an Indian court ordered the liquidation of HMIT after allegations that the company had failed to pay back creditors, and the legal battle has dragged on since then, with accusations it defrauded thousands. At the time of the liquidation order, India-based HMIT controlled New York's HMNY by owning over 75% of the company. Around March, Indian police said they'd frozen Gadiyaram's bank accounts, and in May HMIT was kicked off two Indian stock exchanges. |