LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of WM Technology, Inc. (“WM Technology” or the “Company”) (NASDAQ: MAPS) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your WM Technology investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/WM-Technology-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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.
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Whistleblower Notice: Persons with non-public information regarding WM Technology should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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