What a wild ride the past few months have been for MoviePass. While it was once the king of the mountain as far as movie ticket subscription plans go, things have quickly changed.
After repeatedly changing its terms and availability of films, while also temporarily adding peak pricing surcharges for certain films and falling short when it comes to customer service, stock prices for MoviePass's parent company have plummeted. Now, after a class action lawsuit has been filed against the company by shareholders, there's even more drama.
According to The Hollywood Reporter, Carl Schramm has resigned from his role on parent company Helios and Matheson Analytics' board of directors. In his resignation letter, Schramm claims management has withheld information from the board.
"I have sought, often unsuccessfully, information about the Company's financial status and operations, and explanations of Company strategy," he writes. "I have objected to the manner in which a number of business decisions have been presented to the Board of Directors by management, without sufficient time for the Board to examine complex documents, to review significant transactions, or to discuss how the proposed actions fit into the Company's strategic plan."
For those that haven't been following the twists and turns MoviePass has taken as of late, the service has ditched its one-ticket-per-day plan for a new one that offers a maximum of three tickets each month from a small group of movies the company selects weekly. MoviePass also ended its existing annual contracts.
Meanwhile, both AMC Theaters and Sinemia have stepped up with their own offerings. GameSpot put all three of the movie ticket subscription services to the test, in case you're wondering which is truly the best option.
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