Two former leaders of MoviePass have been indicted on securities fraud charges for allegedly deceiving investors about the company’s business model and sustainability.
Both cases allege that Lowe and Farnsworth falsely claimed that their subscription model had been market tested and would be sustainable over the long run.
In a statement on Friday, the FBI characterized their assertions as an “attempted scam” intended to prop up the stock price.
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Former MoviePass executives face fraud charges | CNN BusinessMoviePass's former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company's movie-a-day subscription model, according to a Department of Justice release on Friday.
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