When AMC shuts down Christmas trading
The AMC Trading Company has suspended trading for Christmas and New Year’s Day, the second time in the past month that the company has done so.
The suspension is due to a “significant impact to the trading market,” according to a statement from AMC.
The AMC announcement comes on the heels of AMC’s announcement that it will be closing its AMC Theatres at Christmas, a move that came less than a week after it closed its AMC theatres at Thanksgiving.
The company also said on Tuesday that it had “committed to a major capital reduction in 2016” that will result in the “annual closing of the Company’s theatres.”
AMC will close its cinemas for the first time on December 22, 2019.
AMC Theaters has been under heavy scrutiny from regulators in recent years.
The Company was fined $13 million for a “deceptive scheme” in which it sought to sell customers a $7.99 Christmas ticket to see The Lord of the Rings: The Two Towers, according to the Federal Trade Commission (FTC).
The company was also fined $7 million for allegedly deceiving customers about its decision to shutter its cinemases during the 2015-2016 season.
In 2016, the FCC announced a lawsuit against the company over its deceptive conduct and the loss of its accreditation.
In March 2017, the FTC announced that AMC had been given “a Notice to Appear” by the Federal Election Commission (SEC) after it had spent nearly $30 million on election advertising.
In 2018, the company was fined for failing to report the purchase of nearly $2.8 million worth of television ads during the 2018 midterm elections, as well as for paying more than $600,000 to settle a class action lawsuit that alleged that it “bought advertising” that appeared in the pages of publications that promoted the company’s political and economic agendas.
On Tuesday, the SEC said that the SEC had given AMC a Notice to Proceed with Compliance, a proceeding that requires it to report any “significant actions that could result in adverse regulatory impact.”
AMC Theater said in a statement on Tuesday, “The decision to suspend AMC Theats AMC Theatos in its current financial condition and condition of operations is due primarily to a significant impact to its trading market.
We are currently evaluating our options in order to continue operating at a profit.”
It added that “all of our business and financial data and information will be made available to the public as part of this review.”