MoviePass was founded on a lie, the Securities and Exchange Commission alleged in a complaint filed on Monday night.
that the company was not running out of money, and that he was in fact sitting on “hundreds of millions of dollars of dry powder.”But the prior week, his own CFO had told him: “Something has to change, we really need to curtail spending and usage. I know I am stating the obvious… We cannot survive at this level of burn.”
A spokesperson for Farnsworth, Chris Bond, said in a statement that he will continue to fight the charges. According to the complaint, Farnsworth and Lowe tried to slow the cash burn at the company by restricting access to certain films and to certain AMC theaters. In January 2018, Lowe told his staff to block access to six Bollywood films because they were “killing us financially,” the complaint alleges.
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