Robinhood (NASDAQ:HOOD) is falsely reporting AMC Entertainment (NYSE:AMC) has filed for bankruptcy on its trading platform.
AMC Shareholders have shared various screenshots of what many believe to be a ‘short and distort’ campaign against the movie theatre company.
AMC Entertainment has not filed for bankruptcy nor is it in any position to file for bankruptcy.
“What the DUCK !!!!! I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy.
How can companies like Robinhood do this?
So ludicrous, so wrong, so irresponsible.
On Friday, we report Q1 earnings, and will announce our sizable cash position,” said AMC CEO Adam Aron in a statement on social media.
Robinhood users are reporting the platform has issued a notice on ticker symbol AMC stating the following:
“This company has filed for bankruptcy. This typically happens when companies are close to running out of money or have trouble repaying their outstanding debts.”
But this isn’t the first time Robinhood or other platforms have reported false information about AMC Entertainment.
Robinhood Reports AMC at $417 Billion Market Cap
Robinhood and other brokerages have reported AMC Entertainment at a $417 billion market cap and even $421 billion market cap.
This puts AMC Entertainment up with Facebook in terms of market cap, per the reportings.
Many shareholders have been sharing screenshots of what CEO Adam Aron believes to be discrepancies from these brokers.
The CEO said in March data sources were under review for accuracy after several sources, including MarketWatch, were reporting the company’s equity APE (NYSE:APE) of also having a 93.79 billion market cap.
Both AMC and APE are displaying what shareholders believe to be the true value of the securities.
Few skeptics have written off the data as simply ‘glitches’ from brokers.
“Market Watch currently showing 93.79 billion APEs outstanding. Clearly WRONG, wildly so. We are calling them now demanding this get corrected immediately. Also reviewing many other data sources to check for accuracy. So curse-word-here irresponsible that they publish false info,” said the CEO on Twitter.
The latest misinformation hit pieces have led shareholders to encourage Adam Aron to begin looking into the manipulation of AMC stock.
Related: Robinhood Sued in New Class Action Lawsuit
Is AMC Entertainment Going Bankrupt This Year?
It’s unlikely AMC Entertainment will be going bankrupt this year.
The CEO says the company will announce a sizeable cash position in their latest Q1 earnings report.
In terms of the movie industry itself, it’s growing.
Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are now contributing billions of dollars to the movie theatre industry.
This is a great development for AMC Entertainment, the largest movie theatre chain in the world.
“Experts are now projecting that ticket sales will be off about 15% from before the pandemic (with 15% less product) and just about every studio is ramping up output.
After years of negotiations and failed experiments, theater chains and movie studios have reached something of a truce.
Studios will debut most of their movies in theaters and can now make them available at home within a few weeks,” says Bloomberg.
Do you think Robinhood reporting AMC filing for bankruptcy was a mistake?
Or is there a motive behind it?
Leave your thoughts below.
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For Adam Aron to allow this to continue without punishment shows he’s into interested in protecting his shareholders. He must resign as CEO and bring in someone with balls.
This isn’t the first time nor will it be the last. Aa needs to do something about all this manipulation with amc. We all know what’s going on with amc and these guys purposely and fraudulently try to manipulate the stock and discourage buyers and stock owners with misinformation. Go after them AA your amc apes would love you for it trust me
Laughable,
No one is selling except day traders.
I rather watch this mascarade,
And wait patiently, not for the moas, just because I like the stock.
Movie theaters will still be around for at least another century!
Time for AMC to site them for market Manipulation & basically defamation! Think of how many may have thought they should sell while they could!
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Thanks for this article, Frank. Without more attention being brought to things exactly like this, nothing will change.
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Didn’t fox news accuse voting machines rigged? AMC might be entitled to damages.
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Leave your thoughts below!
Dear APES ,
This is deliberate sabotage for the purpose of stock manipulation. It’s time to sue Robin Hood out of existence!!!
🔥😤
Great reporting Frank – pure lies and manipulation of the stock. These crooks will stop at nothing to get the share price down and they should be sued out of existence.
💯💯💯