Alliance MMA Settles Class Action Litigation
March 13 2018 - 8:05AM
Business Wire
Alliance MMA, Inc. (Nasdaq: AMMA) today announced that it has
agreed to settle and resolve a stockholder class action lawsuit
initially filed in April 2017 against Alliance, certain of its
current and former officers and directors, and the underwriter in
Alliance’s initial public offering completed in October 2016. The
class action settlement is subject to District Court approval. If
approved by the District Court, the settlement will lead to a
dismissal of all claims against the defendants in the
litigation.
Under the terms of the settlement, the settlement amount
attributable to Alliance will be covered in full by its D&O
insurer. Alliance’s sole financial responsibility with respect to
the settlement will be to pay costs and expenses up to the policy
deductible amount of $250,000, of which it has already paid
$137,761 in the form of legal fees.
"Given the circumstances in which Alliance found itself, we
couldn’t be more pleased with the outcome," said Bob Mazzeo, CEO of
Alliance. “While it remains our view that Alliance did not violate
any laws in conducting its initial public offering, settling this
case on the terms agreed by the parties is clearly in the best
interests of our stockholders.”
“This settlement represents a fresh start for Alliance and
provides the new management team with a renewed opportunity to
leverage our relationships and build strategic partnerships that we
believe will help drive revenues for years to come. At the same
time, we will continue implementing our plan to streamline the
operation of the business and reduce our expenses as we advance
toward profitability."
About Alliance MMA, Inc.
Alliance MMA is a sports and media company that combines premier
regional mixed martial arts (MMA) promotions with event ticketing,
media production and talent management services. Our common stock
is listed on the NASDAQ stock exchange and we are the only MMA
promotion company in the U.S. whose stock is publicly-traded. MMA
is the world’s fastest-growing sport with approximately 300 million
fans worldwide, according to sports marketing research firm
Repucom. Professional MMA fights are legal and regulated by state
athletic commissions in all 50 states. For more information, visit
www.alliancemma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements relate
to anticipated future events, future results of operations or
future financial performance. In some cases, you can identify
forward-looking statements by terminology such as “may,” “might,”
“will,” “should,” “would,” “intends,” “expects,” “plans,” “goals,”
“projects,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue” or the negative of these terms or other
comparable terminology. Actual results may differ materially from
historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, those discussed under the heading “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2016
filed with the Securities and Exchange Commission on April 17,
2017. Alliance MMA encourages you to review other factors that may
affect its future results in its other filings with the Securities
and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313005765/en/
Alliance MMA, Inc.Investor RelationsJames Platek,
212-739-7825jplatek@alliancemma.com
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