LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Match Group, Inc. (“Match Group” or the “Company”) (NASDAQ: MTCH) securities between May 2, 2023 and November 6, 2024, inclusive (the “Class Period”). Match Group investors have until January 24, 2025 to file a lead plaintiff motion.
If you suffered a loss on your Match Group 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/Match-Group-Inc-2/. 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 November 6, 2024, Match Group released its third quarter 2024 financial results, revealing Tinder Direct revenue coming in below expectations “driven by the under delivery of certain optimizations.” Specifically, the Company stated that certain initiatives rolled out in the third quarter “were well received by users but more cannibalistic to subscription revenue than expected” and impacted subscription revenue and will likely also have an impact on fourth quarter revenue.
On this news, Match’s stock price fell $6.77, or 17.8%, to close at $31.11 per share on November 7, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Match Group materially understated the challenges affecting Tinder and, as a result, understated the risk that Tinder’s monthly active user count would not recover by the time the Company reported its financial results for the third quarter of 2024; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Match Group securities during the Class Period, you may move the Court no later than January 24, 2025 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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