Category: Investing (Page 1 of 24)

AMC Is Now Hit With a New Class Action Lawsuit

Market News Daily - AMC Is Now Hit With a New Class Action Lawsuit.
Market News Daily – AMC Is Now Hit With a New Class Action Lawsuit.

AMC Entertainment (NYSE:AMC) has now been hit with a new class action lawsuit following its approved settlement after months of dealing with litigation.

CNBC reports that a holder of APEs said in the lawsuit, which was filed late on Monday but hit the public docket on Tuesday, that APEs investors are being shortchanged in the settlement that was approved on Friday.

AMC did not respond to a request for comment.

AMC agreed to settle its previous class action by holders of common stock by providing them with additional shares worth an estimated $129 million.

The company’s reverse stock split is scheduled to go into effect on Thursday, August 24.

The conversion of APE shares into AMC common stock will occur the following day, Friday August 25.

And the litigation settlement will then take place on Monday, August 28.

Shareholders of common AMC stock had initially claimed that the company rigged a shareholder vote against them.

“The lawsuit adds to months of legal turmoil for the company. Objections to shareholder class action settlements are rare, but AMC received thousands from investors who questioned claims about the company’s dire finances.

The settlement was initially rejected by a Court of Chancery judge in July before the judge signed off on a revised deal on Friday,” said CNBC.

AMC stock has fallen more than -3% on Wednesday while APE shares have only risen +0.25%.

Despite a new AMC class action lawsuit, hedge fund CEO Bruce Richards now says he’s ‘super bullish’ on AMC’s new APE conversion as the proposed rule is expected to go into effect next Thursday.

[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”AMC” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

Hedge Fund CEO Now Says He’s Super Bullish on New APE Conversion

Market News Daily - AMC Is Now Hit With a New Class Action Lawsuit.
Market News Daily – AMC Is Now Hit With a New Class Action Lawsuit.

Bruce Richards is the CEO of Marathon Asset Management, which manages a family of investment programs focused on credit strategies including hedge funds, managed accounts, single-client funds and collateralized loan, and debt obligation vehicles.

Richards is rather enthusiastic about AMC Entertainment’s ability to raise as much as $8 billion, though he states his team thinks $1 billion to $2 billion is more realistic.

“I wouldn’t worry about the writers strike, and the box office numbers look like record numbers to us, and greater than pre-covid number, in terms of revenue, so, we’re super bullish, but think about that,” he told Squawk on Tuesday.

“We can make a +17% return, +10% on the cash, and the +25% price pop on price, and we can make this return, we think it’s a high tang return for taking senior bank debt risk in a very top of capital structure of AMC. We think the smartest play for AMC is actually buying the bank debt which is going to parr, which is offering these staggering returns for the unit of risk that you’re taking.

Richards says that AMC is great company and joked that he tried to get in to see Barbie and Oppenheimer but that he was turned away at the door twice due to tickets being sold out.

“I will go before the summer is over, I promise”, he stated.

Richards’ optimism certainly brings forth an excitement that hasn’t been seen in quite some time.

Will this APE conversion trigger an AMC short squeeze? I’m curious to know what you think.

Market News Published Daily 📰

Market News Today - AMC Is Now Hit With a New Class Action Lawsuit.
Market News Today – AMC Is Now Hit With a New Class Action Lawsuit.

Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!

THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


Robinhood is Now Facing a New Trading Investigation

Market News Daily - Robinhood is Now Facing a New Trading Investigation.
Market News Daily – Robinhood is Now Facing a New Trading Investigation.

Robinhood (NASDAQ:HOOD) is now facing a new trading investigation after the company won its case over the manipulative ‘meme stock’ halts.

The 11th U.S. Circuit Court of Appeals in Atlanta ruled 3-0 in its favor regarding the trading restriction of 13 meme stocks back in 2021.

These stocks included AMC Entertainment (NYSE:AMC), GameStop (NYSE:GME), and Bed Bath & Beyond (OTCMKTS:BBBY), among others.

In a proposed class action, shareholders of the 13 stocks alleged that they suffered damages because they were restricted from trading.

Now Robinhood Markets says it’s being investigated for its trading execution, the latest in a string of regulatory and legal proceedings faced by the online brokerage.

“The New York Attorney General is conducting an investigation into brokerage execution quality. We are cooperating with this investigation,” Robinhood said in a recent filing.

Robinhood previously settled a New York state probe into its cybersecurity and anti-money-laundering practices and paid a $30 million fine. The company has also:

  • Paid $65 million to settle a Securities and Exchange Commission charge that it didn’t sufficiently disclose its business deals with high-speed trading firms
  • Paid $70 million to settle multiple allegations from the Financial Industry Regulatory Authority, including investigations into options trading and technology outages.
  • Agreed to pay $10 million to resolve a multistate investigation into allegations that it harmed retail investors, including by failing to supervise technology that resulted in outages and locked millions out of trading in March 2020.

On social media, retail investors argue that Robinhood’s victory over the ‘meme stock’ halts has been a major injustice to investors worldwide.

“The online brokerage has faced heightened regulatory scrutiny during the past several years. In March 2020, several service outages prevented its customers from trading. Then, in early 2021, the so-called meme-stock frenzy spurred the brokerage to restrict trading,” says Bloomberg.

Robinhood said in the Thursday filing that it’s paid about $175 million in the past few years to resolve actions brought by the Securities and Exchange Commission, the Financial Industry Regulatory Authority and several state regulators.

Other Recent Robinhood News

Market News Daily - Robinhood is Now Facing a New Trading Investigation.
Market News Daily – Robinhood is Now Facing a New Trading Investigation.

Robinhood active users have now declined by a whopping 3,200,000 this year according to the company’s latest report.

As a result, transaction-based revenue declined 5% in the second quarter.

Monthly active users also decreased to 10.8 million, one million fewer compared to the previous quarter and 3.2 million fewer than the year prior per Reuters.

Earnings per share in the second quarter were $0.03, beating analysts’ average estimate of a loss of $0.01, according to Refinitiv data.

“We’ve been talking about for the last several quarters how we want to be lean and scrappy from a cost perspective, and we’ve been keeping our eye on that very closely,” Jason Warnick, Robinhood’s chief financial officer, told reporters.

Robinhood (NASDAQ:HOOD) stock fell more than -6% on Thursday based the decline in users report.

“The company reported higher second-quarter revenue on Wednesday as interest rates continued to increase the online brokerage’s interest income, achieving profitability for the first time as a public company even as it saw fewer users.

Net interest revenue soared 243% to $442 million in the second quarter compared to a year earlier, as the brokerage’s margin investing business benefited from the U.S. central bank’s monetary policy tightening campaign to combat decades-high inflation.”

Mizuho Americas Senior Financial Technology Analyst Dan Dolev says Robinhood could be the next Charles Schwab.

“I’m actually seeing results being very, very strong and, to me, that’s more important than a data point on users,” Dolev says of Robinhood’s second quarter results.

Also Read: Robinhood and Citadel Colluded Night Before Trading Restrictions

Market News Published Daily 📰

Market News Today - Robinhood is Now Facing a New Trading Investigation.
Market News Today – Robinhood is Now Facing a New Trading Investigation.

Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!

THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030

Market News Daily - CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.
Market News Daily – CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.

CoinCodex is predicting AMC Entertainment (NYSE:AMC) stock to soar more than +9,000% by the year 2030.

“Based on the average yearly growth of the AMC Entertainment Holdings stock in the last 10 years, the AMC Entertainment Holdings stock forecast for the beginning of next year is $ 8.19.

Using the same basis, here is the AMC Entertainment Holdings stock prediction for each year up until 2030.”

The long-term AMC Entertainment Holdings stock price predictions are as follows:

By year 2024, AMC Entertainment is predicted to soar +90.66% from today’s current share price to $8.19.

In 2028, AMC stock is predicted to trade around $108.21 per share, a gain of +2,419% from today.

And by 2030, CoinCodex predicts AMC will trade near $400 per share, up more than +9,000% from today’s trading price.

AMC Stock Predictions, 2024, 2025, 2026, 2027, 2028, 2029, 2030

What’s important to note here is not so much the number figures, but the expectation of growth as AMC Entertainment continues to reach pre-pandemic levels.

The company will eventually hit profitability, that is as long as the government doesn’t shut down businesses again.

Box Office Mojo reports more than$2.2bn in gross revenue for the second quarter of 2023 alone.

That’s more than Q1 box office numbers at $1.7bn.

“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years,” said AMC CEO Adam Aron.

The company’s Q2 earnings is expected to take place on August 3rd.

AMC Growth Prediction

Market News Daily - CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.
Market News Daily – CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.

Macquarie Analyst Chad Beynon expects to see big growth in AMC Entertainment.

“We expect AMC’s business to grow with the market and benefit from strong flow-through given significant fixed costs in the business,” the analyst predicted.

The analysts with Macquarie Research anticipate that domestic industry box-office revenue will reach $8.7 billion in 2023.

If that happens, it will represent a 19% year-over-year improvement. 

“Road to recovery getting better with box-office strength,” said Macquarie Research analyst Chad Beynon.

“Overall, AMC is highly optimistic about film volumes recovering to pre-pandemic levels over the next few years, supported by growing theatrical aspirations from the likes of Amazon and Apple,” he continued.

The analyst firm also pointed to concession spending at AMC, with first-quarter food and beverage spending per person hitting an all-time high of $7.99, a 50% increase over 2019.

“3-3-3! After a 3-year stretch where we needed more films, happily we are 3 weeks into a 3 month period with one huge movie after another.

Apparently our guests are coming to see movies hungry and thirsty. Food/Bev sales per patron in U.S. in May — the highest month EVER for AMC!“, announced the CEO on Twitter.

We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.

The first quarter of 2023 and fourth quarter of 2022 mark the first two consecutive quarters of EBITDA since March of 2020.

This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.

Market News Published Daily 📰

Market News Today - CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.
Market News Today – CoinCodex Predicts AMC Stock to Soar Whopping +9,000% by 2030.

Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!

THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


Mullen Announces New $25 Million Stock Buyback Program

Market News Daily - Mullen Announces New $25 Million Stock Buyback Program.
Market News Daily – Mullen Announces New $25 Million Stock Buyback Program.

Mullen Automotive (NASDAQ:MULN) announced a new $25 million stock buyback program on Thursday.

Shares rose up to $0.32 per share at the market open before falling back down to a quarter.

On Wednesday, MULN stock surged from $0.10 to $0.17, up more than +69% while continuing to rise after hours an additional +11%.

The company announced today that the Board of Directors has authorized a stock buyback program, pursuant to which the Company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock.

The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission (the “SEC”).

The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.

“We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.

My guess on Wednesday’s runup was either shorts were beginning to close or the company initiated an unannounced buyback.

Shareholders have sat on the sidelines waiting for the CEO to finally fight back in some way after what many believe the company to be a target for illegal ‘naked short selling’.

The company also provided shareholders with a new update on its illegal naked shorting investigation.

Mullen Automotive Will Continue to Investigate Illegal Naked Shorting Activities

Market News Daily - Mullen Announces New $25 Million Stock Buyback Program.
Market News Daily – Mullen Announces New $25 Million Stock Buyback Program.

The company announced on Wednesday that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities.

Based on reports Mullen has received from ShareIntel, the Company believes it may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock and has decided to investigate and expose any potential wrongdoing.

According to various publicly disclosed sources, Christian Attar, formally known as Christine Levine Law Group, in partnership with Warshaw Burstein, LLP, have successfully prosecuted and collected millions of dollars in aggregate damages on behalf of their clients from broker-dealers, market-makers, hedge funds, and asset-based lenders who have engaged in such market manipulation schemes.

“Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts,” stated David Michery, CEO and chairman of Mullen Automotive, Inc.

Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist.

The predatorial practice allows short sellers to short a stock and bypass the natural laws of supply and demand.

Wes Christian says ‘naked shorting’ is a big worldwide problem and that regulators aren’t as much in tune with it as they should be.

Market News Published Daily 📰

Market News Today - Mullen Announces New $25 Million Stock Buyback Program.
Market News Today – Mullen Announces New $25 Million Stock Buyback Program.

Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!

THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


« Older posts

© 2023 Franknez.com

Theme by Anders NorenUp ↑