MoviePass is facing more trouble. New York Attorney General Barbara Underwood is probing the company's parent, Helios and Matheson Analytics, for possible fraud.

"We've launched a securities fraud investigation into @MoviePass' parent company," Underwood tweeted on Thursday. "My office is committed to protecting New York investors and the integrity of our financial markets."

According to CNBC, Underwood is specifically investigating whether Helios and Matheson misled investors about the company's financials. In August 2017, Helios and Matheson bought up MoviePass right as the subscription service began to offer its all-you-can-watch ticketing plan for $9.95 a month.

The plan managed to attract more than 3 million consumers, but over the long term, it wasn't financially sustainable. At one point, MoviePass had no money to pay its bills. To cut down on costs, the service began limiting subscribers to three films per month. What films you can watch with MoviePass has also been capped to a rotating selection of seven or eight films, which change from day to day.

This has all been bad news for Helios and Matheson investors. The company's stock was at an all-time high in Oct. 2017, but has since plummeted in value to a few pennies per share. However, Helios and Matheson is denying it ever engaged in fraud.

"We are aware of the New York Attorney General's inquiry and are fully cooperating," the company told PCMag. "We believe our public disclosures have been complete, timely and truthful and we have not misled investors. We look forward to the opportunity to demonstrate that to the New York Attorney General. "