Berger Montague informs investors that a securities fraud class action lawsuit was filed…


Posted on March 15, 2023

PHILADELPHIA, PA / ACCESSWIRE / March 15, 2023 / Berger Montague informs investors that a securities fraud class action has been filed against Match Group, Inc. (“Match”) (NASDAQ:MTCH) on behalf of those who purchased Match securities between November 3, 2021 and January 31, 2023, inclusive (the “Class Period”).

Investor Deadline: Investors who purchased or acquired securities of Match during the Class Period may, no later than May 5, 2023, apply to be appointed as lead plaintiff class representative. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015, or visit:

Match is a technology and social media company that operates one of the world’s largest portfolios of online dating apps and brands. Match’s most notable dating apps include Tinder, Hinge, OkCupid, and PlentyOfFish. Tinder, which generated more than half of Match’s revenue during the class period, is Match’s largest and most important brand.

The complaint alleges that throughout the class period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Match was not effectively executing on Tinder’s new product initiatives ; (2) as a result, Match was not on track to deliver Tinder’s anticipated product initiatives by 2022; and (3) therefore, defendants’ statements about Match’s business, operations, and prospects lacked a reasonable basis.

Investors began to learn the truth about Match on August 2, 2022, when it announced financial results for the second quarter of 2022 and warned that it expected Tinder’s growth to slow in the second half of 2022 as consequence of bad execution. Specifically, the defendants admitted that “Tinder failed to meet its product roadmap in the first half of the year,” forcing Match to delay the launch of several initiatives and optimizations that it had previously planned to drive growth in 2022 Following the news, the price of Match’s common stock declined $13.47 per share, or more than 17%, from a close of $76.71 per share on August 2 of 2022, to close at $63.24 per share on August 3, 2022.

Then on January 31, 2023, Match reported disappointing financial results for 2022, including previously undisclosed total revenue. The defendants largely attributed the shortfall to “weaker-than-expected product execution at Tinder, the effects of which became more pronounced as the year progressed.” During an earnings conference call the following day, the defendants further admitted that Tinder had “slowed down as the year went on.” Following this news, the price of Match’s common stock declined $2.71 per share, or 5%, from a close of $54.12 per share on January 31, 2023, to close to $51.41 per share on February 1, 2023.

A lead plaintiff is a representative party who acts on behalf of other class members in conducting the litigation. To be named a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members and that the class member will adequately represent the class. However, your ability to participate in any recovery is not affected by the decision whether or not to serve as the lead plaintiff. Any member of the putative class may move the Court to act as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an inactive member of the class.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, DC, San Francisco, San Diego and Chicago has pioneered securities collective litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and serves as lead counsel in United States courts.


James Maro, Senior Counsel
Berger Montague
(215) 875-3093
[email protected]

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]

SOURCE: Berger Montague

View the source version at NASDAQ-MTCH-Lead-Plaintiff-Deadline-is-May-5-2023


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