NEW YORK–(BUSINESS WIRE)–$MTCH #classaction–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the US District Court for the District of Delaware on behalf of those who acquired Match Group, Inc. (“Match” or the “Company”) (NASDAQ). : MTCH) securities during the period between November 3, 2021 and January 31, 2023 (the “Class Period”). Investors have until May 5, 2023 to petition the Court to be named lead plaintiff in the lawsuit.
Match is a dating service provider, offering a diverse portfolio of apps and services that enable connections across the spectrum of age, race, gender, sexual orientation and background.
On August 2, 2022, Match announced financial results for the second quarter of 2022, including Tinder direct revenue growth of 13% year-over-year. The company warned that it expected Tinder’s growth to slow in the second half of 2022, projecting third-quarter direct revenue growth of only Tinder’s mid-single digits. In a letter to shareholders, defendant Bernard Kim, the company’s new CEO, attributed this expected slowdown to poor execution. On this news, Match’s stock price declined $13.47 per share, or about 17.56%, from $76.71 per share to close at $63.24 on August 3 of 2022.
As of January 31, 2023, Match reported that its total revenue grew by only 7% year-over-year, well below its target for growth among mid- and high-teens. In a letter to shareholders that day, the defendants admitted that “a significant portion [of the shortfall] resulted from weaker-than-expected product execution at Tinder, the effects of which became more pronounced as the year progressed.” On February 1, 2023, defendant Gary Swidler , the company’s president, explained on an earnings call that “our business in general, and Tinder in particular, slowed down as the year went on and the execution of the product was not what we expected.[ed] it will be, especially in the first half of the year.” With the news, Match’s stock price fell $2.71 per share, or about 5.01%, from $54.12 per stock to close at $51.41 on February 1, 2023.
The suit alleges that, throughout the suit period, the defendants made false and/or misleading statements, as well as 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.
If you have purchased or acquired Match securities, have information or would like to learn more about this lawsuit and how it may affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email to investigations@kmllp.com, or by filling it out Contact formto discuss your rights or interests with respect to these matters at no cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical standards.
contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigaciones@kmllp.com
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