PHILADELPHIA, PA / ACCESSWIRE / March 15, 2023 / Berger Montague advises investors that a securities fraud class action lawsuit 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 Match securities during the Class Period may, no later than May 5, 2023, seek to be appointed as a lead plaintiff representative of the class. 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: https://investigations.bergermontague.com/match-group/
Match is a technology and social media company that operates one of the world's largest portfolios of online dating brands and apps. 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 planned product initiatives in 2022; and (3) therefore, the 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 the result of poor execution. Specifically, Defendants admitted that "Tinder did not deliver on its product roadmap for the first half of the year," forcing Match to delay the launch of several initiatives and optimizations that it had previously expected to generate growth in 2022. Following this news, the price of Match common stock declined $13.47 per share, or more than 17%, from a close of $76.71 per share on August 2, 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 total revenue that missed Match'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 "decelerated as the year went on." Following this news, the price of Match common stock declined $2.71 per share, or 5%, from a close of $54.12 per share on January 31, 2023, to close at $51.41 per share on February 1, 2023.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Francisco, San Diego, and Chicago has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
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