The SEC filed a fraud lawsuit against MoviePass in September, accusing management of deceiving investors about the feasibility of the company’s $9.95-per-month business plan. MoviePass is back, despite its stormy background and the many claims that the previous executives must still face. Stacy Spikes, the company’s original co-founder, bought it back when HMNY declared bankruptcy. The service reopened on September 5th and now costs users $10 per month for up to three movies, $20 per month for up to four movies, and $30 per month for up to five movies.
Farnsworth and Lowe face a potential sentence of 20 years in prison for each count of securities and wire fraud.
