Have you lost money investing in Match Group? If so, visit it Class Action Lawsuit by Shareholders of Match Group, Inc or contact Peter Allocco at (212) 951-2030 or [email protected] to talk about your rights.
NEW YORK, March 15, 2023 /PRNewswire/ — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit filed on behalf of of investors who purchased or acquired Match Group, Inc. common stock. (“Match” or the “Company”) (NASDAQ: MTCH) between November 3, 2021 i January 31, 2023, including (the “Class Period”). The lawsuit was filed the united states District Court of the District of Delaware and alleges violations of the Securities Exchange Act of 1934.
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 class period begins on November 3, 2021to coincide with Match’s announcement of its third quarter 2021 financial results after market close on November 2, 2021. In a letter to shareholders, the defendants touted Tinder’s “radical product transformation,” which included recently launched product initiatives such as a new “Explore” feature. The defendants also claimed that “[t]The interactive and social experiences within Explore are the harbinger of Tinder’s long-term vision,” noting that Tinder was working on other monetization opportunities, such as an in-app virtual currency.
During the course of the lawsuit, the defendants continued to represent that Tinder was effectively executing on several critical product initiatives that would drive the company’s growth in 2022 and beyond. For example, as recently as May 2022the defendants assured investors that Tinder was “on track” with these product initiatives and “on schedule with [Tinder] expected to be delivered in 2022”.
Plaintiff alleges that Defendants made materially false and misleading statements during the suit period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) the Company was not effectively executing Tinder’s new product initiatives; and (2) as a result, the Company was not on track to deliver Tinder’s planned product initiatives in 2022.
Investors began to learn the truth August 2, 2022, when the company announced Q2 2022 financial results and warned that it expected Tinder’s growth to slow in the second half of 2022 as a result of poor product execution. The defendants admitted that “Tinder failed to deliver on its product roadmap in the first half of the year,” forcing the company to delay the launch of several initiatives and optimizations that were previously expected to deliver growth in 2022.
On this news, the price of Match’s common stock fell $13.47 per share, or more than 17%, to close a $63.24 by action August 3, 2022.
Despite these revelations, the defendants continued to assure investors that the company had revamped the Tinder team and that the new team was successfully executing initiatives. For example, where November 1, 2022the defendants assured investors that Tinder “[p]product execution is already improving” and that “early results are promising”.
However, in January 31, 2023, the company reported disappointing financial results for 2022, including total revenue that missed the company’s prior guidance. 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.”
On this news, the price of Match’s common stock fell $2.71 per share, or 5%, to close a $51.41 by action February 1, 2023.
If you want to act as the main plaintiff, you must move the Court at the latest May 5, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in conducting the litigation. Your ability to participate in any recovery does not require you to act as the lead plaintiff. If you choose to take no action, you can remain a member of the absentee class.
If you have purchased or acquired Match common stock and/or would like to discuss your legal rights and options, please visit Class Action Lawsuit by Shareholders of Match Group, Inc or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered 3.5 billion dollars for their customers. In addition to representing individual investors, the Firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and initiate litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the firm has been named to The National Law Journal’s “Plaintiffs List” thirteen times and has been named to The Legal 500 for ten consecutive years.
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