Last week, an Alliance MMA shareholder filed a class-action lawsuit against the publicly-traded mixed martial arts company in United States District Court for the District of New Jersey for federal securities law violations.
Alliance MMA became available on the NASDAQ stock exchange last October at an IPO-offering price of $4.50 USD per share. Alliance MMA is sitting at $1.53 USD as of this writing, which is a major decline from just months ago.
The plaintiff, Eric Shapiro, claimed in the suit that he suffered a significant loss due to “wrongful acts and omissions” from the defendants, CEO Paul K.