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Topic: Meet the Lone Loser in MoviePass Hitting 1 Million Members
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Mike Blakesley
Film God
Posts: 12767
From: Forsyth, Montana
Registered: Jun 99
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posted 04-27-2018 03:18 PM
Also, Mitch Lowe says that naysayers are good!
MoviePass Halts Repeat Viewings As 'Avengers: Infinity War' Hits Theaters
12:29 PM PDT 4/27/2018 by Paul Bond
MoviePass appears to have watered down its service again by restricting new and old subscribers alike from seeing the same movie twice.
Just in time for Avengers: Infinity War, users of the subscription service woke up Friday to see a new wrinkle in the MoviePass terms of service, written in all capital letters, no less: “THE SERVICE PROHIBITS REPEAT VIEWINGS OF THE SAME MOVIE.”
MoviePass had been wowing consumers with its too-good-to-be true service since August by offering them a movie ticket per day for just $9.95 a month, but the company seems to be chipping away at that bargain.
Two weeks ago, MoviePass offered a special “promotion” that bundled iHeartRadio All Access with a stripped-down version of MoviePass that supplied just four tickets per month. Then on Wednesday, CEO Mitch Lowe told The Hollywood Reporter that he isn’t sure the ticket-per-day offering would ever return.
And now comes the no-repeat policy.
MoviePass has always stated in its terms of service language that it maintains the right to change its rules, though some of its subscribers have purchased a year’s subscription in advance and can’t be pleased that the policy is now different from the one that was in place when they shelled out their money.
“Anyone with an issue should call customer service,” Lowe told THR on Friday.
Also added to the MoviePass terms of service on Friday was a line saying that premium plans are in the works, and Lowe said the first will be a “couples” product so that users can bring a friend or spouse to the theater with them. He’s also working on a plan that will include Imax and 3D movies.
“There’s like 100 new features we’re working on,” Lowe said.
As for the no-repeat-movies policy that suddenly appeared on Friday, he said it’s actually a reinstatement of an old policy that was abandoned more than a year ago, and that it is necessary again to cut down on fraud.
“When we took that policy down, we saw some people turning MoviePass into a cottage industry, standing in front of a theater selling their tickets to Star Wars, or whatever,” he said.
Lowe still did not know whether the plan that charges $9.95 a month for a movie per day would ever return, but he also didn’t rule it out. He reiterated on Friday that he expects 5 million subscribers by year’s end, and he said that MoviePass has seen no drop in new subscribers since moving to the package that includes iHeartRadio and only four movie tickets monthly.
“It’s absolutely wonderful to have so many naysayers,” he said. “That gives us free runway where everyone is terrified to compete with us.”
Hollywood Reporter
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Marcel Birgelen
Film God
Posts: 3357
From: Maastricht, Limburg, Netherlands
Registered: Feb 2012
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posted 04-27-2018 03:48 PM
Yep, most definitely unwinding already and quite definitely in search of the next major injection of cash. ![[Wink]](wink.gif)
Yet, still enough people are willing to sell their first born, for this flat fee... correction, one-movie-a-day, I mean, one-movie-a-week, or let me say, one-movie-a-week-that-you-didn't-see-before-card.
At least you get three full months all-access to iHeartRadio, your failed radio product that's still somewhere between Chapter 7 and 11 of its lifecycle.
I think the best way to get rid of them is by wishing them many subscribers.
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Mike Blakesley
Film God
Posts: 12767
From: Forsyth, Montana
Registered: Jun 99
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posted 05-10-2018 05:28 PM
Is the End Near for MoviePass?
MoviePass sounds too good to be true. We may soon find out if it actually is.
The parent company, Helios and Matheson Analytics (HMNY), only has about $15.5 million cash on hand, plus another $27.9 million in accounts receivable, according to documents filed Tuesday with the US Securities and Exchange Commission.
Unless the movie subscription service can come up with more money, MoviePass might not be around for much longer. The firm said that it burns through about $21.7 million every month operating the service, which charges users $10 a month to see a movie every day.
"They appear to have enough cash to last two months," said Michael Pachter, an analyst for Wedbush Securities. "Sounds like a terrible business model to me, and I can't imagine that any sophisticated investors will view it differently."
So far, they don't appear to be. Shares of Helios and Matheson have been tanking for months, and stock prices fell even further this week. Shares are trading for less than a dollar, plunging 46% Wednesday.
Related: MoviePass brings back its movie-per-day subscription
The MoviePass model has drawn attention — and raised eyebrows — since it went public last August with its $10 price point.
In most places, that's just about the cost of a single movie ticket. That means that MoviePass loses money when its customers use a pass, since it must pay theaters for the tickets.
Part of the solution has been to grow subscribers as quickly as possible. MoviePass announced in February that it had reached 2 million subscribers, just one month after it topped 1.5 million. Executives have targeted 5 million by the end of the year.
Helios and Matheson CEO Ted Farnsworth says that should help make the business profitable. In a statement to CNNMoney on Wednesday, he added that the company always knew MoviePass would burn through a lot of money.
"We have access in capital markets to over $300 million," Farnsworth said. "So there is plenty of cash available to sustain the subscriber growth and movie-going habits of our users."
Farnsworth did not elaborate on the $300 million figure in his statement, and he was not immediately available for further comment.
Is MoviePass too good to be true?
Adding more users isn't the company's only business plan. MoviePass has said that it hopes to eventually become profitable by selling more advertising. It has also said in the past that the company collects data on its subscribers it wants to monetize — though executives have walked back the extent to which it uses that information in the wake of the recent Facebook data scandal.
In any case, it's not clear whether MoviePass can generate additional revenue fast enough to please investors, said Eric Wold, an analyst at B. Riley FBR.
"The subscriber growth, I don't think, is an important metric. It's really the usage that you're generating and the data that you're collecting," he said. "You're not at the point where that data is valuable, and I don't know if investors will make that bet ... because it's not going to happen overnight."
Farnsworth, meanwhile, said MoviePass has found ways to cut its expenses. His statement mentioned that the service's "burn rate" has been slashed by 35-40% in the last few weeks because of new "abuse prevention measures." The company announced last month that it would bar subscribers from seeing the same movie more than once.
Again, Wold was skeptical. He questioned whether the new restriction would end up driving some customers away, especially fans of the new "Avengers" or "Star Wars" who might have been banking on MoviePass for repeated viewings.
"I think that's going to be a negative to some people who signed up initially," Wold added. "I wouldn't be surprised if you saw people somewhat turn away from the service now."
CNN article
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Harold Hallikainen
Jedi Master Film Handler
Posts: 906
From: Denver, CO, USA
Registered: Aug 2009
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posted 05-14-2018 08:09 PM
Helios and Matheson (HMNY): Is MoviePass a ‘Unicorn Company’ That Can Make It Through the Investor Fire?
https://www.smarteranalyst.com/bloggers-corner/helios-matheson-hmny-moviepass-unicorn-company-can-make-investor-fire/
It’s not been a great year to be a Helios and Matheson (NASDAQ:HMNY) investor, to say the least. This is the company’s darkest chapter yet as the tech stock’s valuation has plummeted almost 90% in 2018. This all boils down the company’s 92% majority stake in MoviePass, a platform designed to be the future Netflix of the movie theater arena. For a company that was able to magnetize 20,000 to just under 3 million subscribers to its base without even reaching a full year passing, what the hell happened to dash investor confidence in such a blaze?
The idea is to entice subscribers to be the movie theaters to watch a movie per day, for a super cheap monthly fee of $9.95. What was once thought to be a box-office disruption, a game changer much like Netflix is now casting major shadows of doubt upon one key question: the sustainability factor. Sure, MoviePass is popular. Can this fast favorite among the movie theater market regain footing to bring in profits?
HMNY unleashed an SEC filing already in April posting a $150.8 million loss for 2017, quite a climb from the merely $7.4 million loss just two years ago. Additionally, the company pointed to a monthly cash burn rate circling $21.7 million. The top movie-theater chain in the U.S. AMC then held a conference call, which led CEO Adam Aron to poke holes in MoviePass’ price model for its subscription programs and just how long it can last. Then again, AMC has always found MoviePass threatening, dismissing it as a “small fringe player,” intent on shutting the company out from all its profits whatsoever.
Meanwhile, an independent auditor has big skepticism regarding MoviePass’ power to stay in the market. Even 37% of the platform’s very own subscribers cannot help wondering: is this great model ultimately fool’s gold? Then there’s a 32% that based on National Research Group’s latest study anticipate the company simply will not be able to continue long-term.
Next hit Tuesday, which ominously led this stock into sharply falling knife territory for the rest of the week. Another SEC filing unleashed only $15.5 million in available cash to close out April coupled with $27.9 million with merchant processors on deposit. HMNY understands the dire line it is walking here, as the filing points out: “If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned growth or otherwise alter our business model, objectives and operations, which could harm our business, financial condition and operating results.”
During last month’s yearly theater convention Cinemacon, it was in Las Vegas that MoviePass chief executive Mitch Lowe tried to ease a flurry of concerns from small-scale movie theater chains and their execs. In an interview with Vulture, Lowe commented: “They said, ‘Either you’re going to condition our customers that going to the movies should be less expensive and easier—and then you’re going to go out of business, leaving us holding the bag. Or, (b) you’re going to get so powerful, you’re going to squeeze us dry for all our profits.'”
Lowe countered, “And I said, ‘Both of those are wrong,'” adding, “What we intend to do is re-energize people to go back to the movies. If you want to share some portion of your increased profit with us, you help ensure our success. We don’t do well if you don’t do well. And they all, every single one of them, left here asking me to send them a contract.”
In an era following Facebook’s disastrous Cambridge Analytica privacy data leak, Lowe admits to Vulture his company pools some user data: “Of course we know what movies you’re watching; but we don’t know what car you drive,” continuing: “You’ve told us where you’re going to go to the theater. You said, ‘I want to buy a ticket to the AMC on 42nd Street and it’s a 7:00 showing.’ From that, we can look at all the restaurants and assume that you might like a Starbucks; have a coffee before you go.”
“We never were going to make our data available to others. What we’ve always said to the studios is that we’re using what people want to see and where they go to see it as a way to better market—but we’re doing the marketing,” explains Lowe, who notes that he is certainly learning from Facebook’s shadows: “But all this Facebook stuff has definitely taught us we need to be more clear and transparent with the customer. ‘Here’s what we’re collecting. Here’s what we’re doing with it.’ And you always have the opt out: Don’t use our service.”
While investors are fleeing left and right this week, according to the National Research Group study, subscribers are quite happy with MoviePass, which is pacing to achieve 5 million users by the close of 2018, taking a 9% slice of every movie ticket sale in the U.S. In fact, 83% of users indicate high satisfaction, beating out streamers of the likes of Netflix, Spotify, and even Amazon, with 84% having high odds to suggest others join on board.
MoviePass is playing it smart, not letting its subscribers see any same film twice, and the app will also block users from sneaking non-subscribers in on the deal. In fact, new users are the ones who usually leap to the movies in the opening three months of using MoviePass, an excitement that then simmers, which is financially encouraging. “Eighty-eight percent of our subscribers are already break-even or profitable,” Lowe suggests, pointing out: “That tells you 88 percent of our customers go [to the theaters] once or less a month and 12 percent go more. So the trick is getting our average down to a little over one.”
Maxim analyst Nehal Chokshi is a loyal bull, who may see a cash position starker than predicted, but stronger days of profitability still lie ahead for this challenged tech company boasting great potential. As far as Chokshi eyes the bigger picture, HMNY still is looking at a “path to a sustainable business model” at the end of the day. Any bigger-than-calculated working capital needs do not detract from the analyst’s longer-term estimates at play.
AMC may have taken a swipe at MoviePass, but Chokshi believes these criticisms fail to recognize the company’s actions to scale back cash burn by roughly 35%, according to the infamous Tuesday 8K. This 35% reduction in cash deficit to an around $14 million per month run rate is one the analyst cheers as a “positive.” That said, Chokshi acknowledges that the most strategic trajectory ahead to reaching sustainability in MoviePass’ business is to cap usage.
This tech player remains the standout leader of the movie theater subscription serve battle ground, says the analyst, who highlights that a whopping 91% of U.S. movie theaters have offered the service a nod. Compared to key nemesis Sinemia, MoviePass is a company that has thrived on “word-of-mouth” generating growth as well as viral popularity. With a subscription model offering more optionality, unlike Sinemia which narrows its users to a per month limit on top of a patent infringement lawsuit that could hit hard at Sinemia’s operational prospects, Chokshi gives the clear competitive upper hand to MoviePass.
Worthy of note, even amid this week’s investor scare, the analyst rates a Buy rating on HMNY rating with a $12 price target, which implies a monster 1,835% upside from current levels. (To watch Chokshi’s track record, click here)
“You know, it actually is one of the best things in the world to have a company that no one believes in,” Lowe cheekily says. “Because we have all this free runway to build the business. And suddenly, people are going to turn around and go, ‘Holy crap, look what they’ve done! These guys are unstoppable now. And no one tried to create a competitor.'”
HMNY chief executive Ted Farnsworth expressed to Variety that together with Lowe, they have $280 million, complete with a $375 million line of credit on deck, and these two are not at all worried about capital: “Since day one, people have been saying we’ll run out of money,” asserted Farnsworth, contending: “I assure you capital is not an issue. I’m sitting on hundreds of millions of dollars of dry powder, and I’ve got bankers and debt-financing companies calling me all the time. They know they’re looking at an Uber or an Airbnb. This is a unicorn company.”
When Tuesday hit, Farnsworth came back with even more conviction, indicating to the New York Post, “I’m not worried about the cash burn at all.”
Analyst Ratings
TipRanks indicates a strong bullish consensus is still in this tech player’s corner; for now. All 3 analysts polled in the last 3 months unanimously rate a Buy on HMNY stock. With a mammoth return potential of nearly 2,175%, the stock’s consensus target price towers at $14.33.
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Frank Cox
Film God
Posts: 2234
From: Melville Saskatchewan Canada
Registered: Apr 2011
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posted 05-26-2018 12:57 PM
82% of MoviePass Subscribers Have Gone to a Movie They Never Would Have Directly Paid For
quote:
82% of MoviePass Subscribers Have Gone to a Movie They Never Would Have Directly Paid For
Rob Toledo | May 25, 2018 | Top Picks | No Comments
We, like any movie-loving person, are obsessed with MoviePass. And currently we, like most MoviePass subscribers, are part of the problem when it comes to the service’s survival. Tracking along with our use of MoviePass over the last six months, we have on average gone to at least three movies a month, exceeding the $10/month price paid for the card.
However, while we reviewed the list of movies we attended, there were plenty that we thought back on and said, “Yeah, I never would have paid to see that in theaters” (and please, for the sake of the article, set aside Economics 101 and ignore the fact that we’re still paying for the movie, just indirectly through a subscription). With that in mind, we surveyed 1,311 current self-reporting MoviePass subscribers to see if this was a trend among other subscribers.
We asked the following question:
As a subscriber to MoviePass, have you gone to a movie you normally would have ignored?
Yes 82%
No 13%
Not Sure 5%
While theaters are only reporting a slight uptick in foot traffic since MoviePass got popular, there is no denying that there are now more butts in seats of movies that otherwise might not get as much foot traffic. Perhaps the real winner in a world with MoviePass is the box office rake for “bad” movies.
We also asked for commentary on what specific movies people went to see only because they had MoviePass.
“The Overboard remake, Tomb Raider, a few I’m forgetting. They were all pretty terrible. But I love going to movies so who cares. The more movies I go to, the better deal my monthly MoviePass subscription is.”
“I’m pretty sure the only reason Hurricane Heist made it to theaters is because MoviePass existed and the studio was like, yeah, someone will show up to watch this. Still, I love bad movies. There’s no way I would have paid to see this in theaters, but I definitely would have rented it or something.”
“No, I already go to a lot of movies, MoviePass just made it a whole lot cheaper. I haven’t really changed my behavior.”
“I saw Truth or Dare by myself one morning because I had nothing else to do. I am grateful I used MoviePass to see it.”
“Saw I Feel Pretty, the movie with Amy Schumer on a whim, I actually thought it was pretty good. Still wouldn’t have paid for it though.”
“I didn’t even know there was a new Tomb Raider movie, but a friend brought it up. We went and saw it. It was ok.”
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Monte L Fullmer
Film God
Posts: 8367
From: Nampa, Idaho, USA
Registered: Nov 2004
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posted 06-01-2018 04:29 PM
Heard that parent company, Helios and Matheson, for MP just purchased a production company, being Emmett/Furla/Oasis Films, to aid in the generating of revenue for MP and renaming EFO to MoviePass Films.
Linky
quote:
LOS ANGELES--(BUSINESS WIRE)--Helios and Matheson Analytics Inc. (Nasdaq: HMNY) (“Helios”) announced today that Emmett Furla Oasis Films (“EFO Films”) has granted Helios the exclusive option to acquire the entire film library and current production slate of EFO Films. The EFO Films library includes acclaimed titles such as Lone Survivor and Broken City and features A-List actors such as Mark Wahlberg, 50 Cent, Sylvester Stallone, Bruce Willis, Arnold Schwarzenegger, John Travolta, Denzel Washington, Nicolas Cage, Robert De Niro, Al Pacino, Kate Bosworth, Leelee Sobieski, Anna Kendrick and Ellen Burstyn. The EFO Films library also includes the upcoming titles Boss Level starring Naomi Watts, Mel Gibson and Anabelle Wallis, 2Guns, Escape Plan 2 and Escape Plan 3 starring Sylvester Stallone and Dave Bautista, The Irishman starring Robert De Niro, Al Pacino and Jesse Plemons, and The Iconic Video Game ASTEROIDS by ATARI, including others in production, with the goal of 12 to 15 films over the next year.
“To do a deal with Helios and MoviePass is epic for us”
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Helios also announced today that it has formed MoviePass Films LLC (“MoviePass Films”) with Emmett Furla Oasis Films (“EFO Films”). Helios owns 51% and EFO Films owns 49% of MoviePass Films. MoviePass Films will focus on studio-driven content and new film production for theatrical release and other distribution channels. Hollywood veterans Randall Emmett and George Furla will serve as Co-CEO’s of MoviePass Films; MoviePass Films’ Chairman of the Board will be Ted Farnsworth. Mitch Lowe will hold a Board seat as well, and Farnsworth and Lowe will work together day-to-day to execute the strategy between MoviePass and MoviePass Films. Terms of the deal were not disclosed, however both parties agreed on a payment in the form cash and stock.
Helios plans to capitalize on the unique capabilities of its subsidiary, MoviePass Inc. (“MoviePass”), to market future MoviePass Films productions to millions of MoviePass subscribers and moviegoers everywhere. MoviePass Films will pay MoviePass for any marketing services provided to market MoviePass Films productions. MoviePass Films will own and control all revenue streams from theatrical release, domestic and foreign distribution rights, streaming, retail, DVD sales, transactional sales, etc.
“To have such a well-known, quality production company join forces with the Helios/MoviePass group of companies is truly remarkable,” said Mitch Lowe, MoviePass’ CEO. “Since we began disrupting the movie industry with our unprecedented low-cost movie theater subscription service, MoviePass™, we have envisioned owning and developing our own studio content and using the power of our several million subscribers to bolster the success of the box office for our films. I believe MoviePass Films will accelerate those efforts and demonstrate the power of MoviePass to drive movie theater attendance and downstream sales, for the benefit of moviegoers, movie theaters, studios and the film entertainment ecosystem as a whole,” concluded Mr. Lowe.
Helios believes its acquisition of the current production slate of EFO Films and the leadership of MoviePass Films by veteran producers Randall Emmett and George Furla will accelerate Helios’ plan to produce its own movies for theatrical release, create new revenue opportunities for MoviePass’ marketing services, fill theater seats throughout the United States for MoviePass Films productions to the benefit of exhibitors, and enable MoviePass Films to participate in box office and downstream revenues from its proprietary content.
“To do a deal with Helios and MoviePass is epic for us,” said Randall Emmett of EFO Films. The MoviePass™ subscription service has totally disrupted the movie industry, for the better. When we worked with MoviePass Ventures on the movie Gotti, starring John Travolta, which premiered at Cannes and is set for release this coming June 15 – I immediately saw how revolutionary the MoviePass™ service is. I have never seen any player in our industry move so quickly and gain such a large following in such a short period of time. What impresses me the most is that MoviePass can guarantee box office attendance, which is a game changer. I don’t believe anybody else can do that,” concluded Mr. Emmett.
“Ever since we co-acquired our first film with MoviePass Ventures, American Animals, which is set for release June 1, we’ve been looking for an opportunity to acquire and produce studio content on a larger scale and prove the power of the MoviePass™ service in the process. We believe we’ve found that opportunity with Emmett Furla Oasis Films. Along with MoviePass Films, MoviePass Ventures, our studio driven production company and our independent film investment division, will play an integral role in our business strategy,” said Ted Farnsworth, Chairman and CEO of Helios. “We believe the track record of Randall Emmett and George Furla over the last twenty years speaks for itself. For MoviePass to have the opportunity to jump in the middle of new high-caliber productions that are already underway, becoming a part of that, is more exciting for Helios and MoviePass than I ever could have imagined,” concluded Mr. Farnsworth.
About MoviePass Inc.
MoviePass Inc. (“MoviePass”) is a marketing technology platform enhancing the exploration of film and the moviegoing experience. As the nation's premier movie-theater subscription service, MoviePass provides film enthusiasts the ability to attend up to one new movie title per day in theaters. The service, now accepted at more than 91% of theaters across the United States, is the nation's largest theater network. Visit us at moviepass.com
About Helios and Matheson Analytics
Helios and Matheson Analytics Inc. (Nasdaq:HMNY) (“Helios”) is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Helios currently owns approximately 92% of the outstanding shares (excluding options and warrants) of MoviePass Inc., the nation's premier movie-theater subscription service. Helios's holdings include RedZone Map™, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Helios is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol Helios. For more information, visit us at www.hmny.com.
About Emmett Furla Oasis Films
Emmett Furla Oasis Films (“EFO Films”) was founded in 1998 and was a combination of Randall Emmett’s extensive entertainment industry experience and George Furla’s business expertise. In 2013 a collaboration was finalized with Oasis Ventures Entertainment. The success to date has been rooted in EFO Films’ ability to facilitate relationships between top creative talent (including actors, writers, and directors) and companies that produce, finance, and distribute motion pictures. To date, EFO Films has produced over 80 films that have grossed in excess of $1 Billion box office ticket sales worldwide. The films include The Amityville Horror, Rambo, 16 Blocks, End of Watch, Broken City, The Frozen Ground, Escape Plan, 2Guns and Lone Survivor. In 2018 EFO Films is producing a wide range of movies including the following: Martin Scorsese’s Silence, the TUPAC biopic, Extraction and in collaboration with Hasbro the world’s first Monopoly movie and Hungry Hungry Hippos.
Cautionary Statement on Forward-looking Information
Certain statements in this communication contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, “forward-looking statements”) that may not be based on historical fact, but instead relate to future events, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. All statements other than statements of historical fact included in this communication are forward-looking statements.
Such forward-looking statements are based on a number of assumptions. Although Helios’s management believes that the assumptions made and expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement contained herein will prove to be accurate. Actual results and developments (including, without limitation, the potential benefits of Helios’s partnership with Emmett Furla Oasis Films through MoviePass Films as described herein) may differ significantly from those expressed or implied by the forward-looking statements contained herein and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects. Risk factors and other material information concerning Helios and MoviePass are described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, its quarterly report on Form 10-Q for the quarter ended March 31, 2018 and other filings, including subsequent current and periodic reports, information statements and registration statements filed with the U.S. Securities and Exchange Commission. You are cautioned to review such reports and other filings at www.sec.gov.
Given these risks, uncertainties and factors, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on Helios’s current expectations and Helios does not undertake an obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.
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