AMC Entertainment Holdings Inc. AMC shares rose and APE shares fell in after-hours trading Wednesday, following a judge’s denial of an attempt to quicken the resolution of a shareholder court fight. AMC executives have been attempting to convert APE shares into regular shares and execute a reverse stock split, but faced a lawsuit from shareholders. The two sides announced a settlement Monday, and had asked a Chancery Court judge to lift the order that was holding up the moves in response, before deciding whether to approve the settlement. “The parties offer no good cause to lift the status quo order,” Vice Chancellor Morgan Zurn wrote in her ruling denying the request. AMC lawyers had suggested the settlement was contingent on the judge lifting the status-quo order, and the suing shareholders were in support of the move. With the status-quo order in place, the stock moves cannot happen until after the judge approves the settlement and investors are officially notified. AMC did not immediately respond to a request for comment. AMC shares ended the extended session up 6.7%, while APE shares declined 12.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.