I’ve had a difficult time keeping up with document submissions in the AMC Entertainment Shareholder Litigation (2023-0215-MTZ) case filed with the Court of the Chancery in Delaware. It must’ve been a late night when I found and accessed documents a few weeks ago and thought I had located everything on the court’s website. That was not the case. As folks have been posting snippets and screenshots of notices, letters, motions and the sort with no sources or links, I’ve become rather suspicious of motives and provided information. On May 2nd, I got excited over a snippet of a supposedly new proposed settlement posted by someone who only shared a screenshot of page 16 of one of the exhibits. Not enough information to go on to locate the source document.
Today, I remembered I had taken screenshots of the docket when I found it a few weeks ago. Luckily, enough of the url was visible to get back to that site. So for all those interested, Docket Alarm allows you five free document views (downloads/prints/saves) before locking you out. (You didn’t hear this from me, but if you go to another browser or device, you can get a few more free views and downloads.) I’ve tried other docket sites, but didn’t have nearly as much success with range of documents.
Below is a copy of the NOTICE OF PENDENCY OF STOCKHOLDER CLASS ACTION AND PROPOSED SETTLEMENT, SETTLEMENT HEARING, AND RIGHT TO APPEAR from the Delaware Court of the Chancery. This was e-filed on May 1, 2023 by the judges office and contains the redline edits from the above referenced screenshot posted on May 2, 2023. So this is a real document, not fake as I feared after not receiving source verification from the poster.
Sources and links are below. Please feel free to share and comment your thoughts.
In the Proposed Scheduling Order filed on May 1, 2023, AMC was ordered to:
- (i) file with the SEC a Current Report on Form 8-K describing the Settlement and stating where stockholders can locate the Stipulation and the Notice on AMC’s investor relations website;
- (ii) post a copy of the Stipulation and the Notice on AMC’s investor relations website, which shall remain on AMC’s website through the Effective Date or termination of the Settlement;
- (iii) transmit the Summary Notice once over the PR Newswire;
- (iv) post a notice regarding the Settlement on AMC’s Twitter account in substantially the following form:
AMC has recently reached an agreement to settle a putative stockholder
class action concerning the proposed conversion of AMC Preferred
Equity Units into Common Stock and reverse stock split. The
settlement agreement and settlement notice can be located on AMC’s
website at this address: [insert address once available]. AMC
stockholders who are Class Members have the right to object to the
settlement and the deadline to do so is [insert date once available].
On May 5, 2023, AMC held 1Q23 Earnings call and filed the Form 10-Q for the quarter. Their update is detailed under Note 11 (pages 28-32).
Resources
Adam Aron’s Twitter (@CEOAdam)
Delaware Court of the Chancery
SEC Edgar (Filings & Forms): AMC Entertainment Holdings, Inc.
