BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of WM Technology, Inc. (“WM Technology” or the “Company”) (NASDAQ: MAPS) investors concerning the Company’s possible violations of federal securities laws.
On August 9, 2022, WM Technology disclosed it had received an internal complaint concerning the calculation and reporting of Monthly Active Users (“MAUs”). The Company revealed that a significant portion of its MAU growth was driven by pop-under ads. The Company also acknowledged that most users from these ads left the site without interacting further.
On this news, the Company’s stock price fell $0.87 or 25.1%, to close at $2.59 per share on August 10, 2022, thereby injuring investors.
Then on September 24, 2024, the SEC announced it had charged the Company, the Company’s former CEO Christopher Beals, and the Company’s former CFO Arden Lee for “making negligent misrepresentations in WM Technology’s public reporting of a self-described key operating metric, the “monthly active users,” or “MAU,” for WM Technology’s online cannabis marketplace.” The SEC further announced it had “instituted a related settled administrative proceeding against WM Technology” and “WM Technology also agreed to pay a civil penalty of $1,500,000.”
On this news, the Company’s stock price fell $0.02 or 1.89%, to close at $0.92 per share on September 25, 2024, thereby further injuring investors.
If you purchased WM Technology securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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