Delaware Vice Chancellor Morgan Zurn said in the ruling that she cannot approve the settlement “as submitted,” because it would release potential claims by preferred shareholders who were not represented in the lawsuit or settlement. AMC shares were up 69% at $7.44 in trading after the bell. Its preferred shares were down 20% at $1.43.
AMC has told investors it is burning cash at an unsustainable rate and warned that an inability to raise capital could force the company into bankruptcy. It cannot carry out its plan to do so until the litigation has been resolved. The settlement received more than 2,800 objections from shareholders, a level of interest Zurn called “unprecedented” in her ruling on Friday.
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