Match Group, Inc.
A securities class action has been filed in the in the USDC – DE. against Match Group, Inc. (“Match”) (MTCH) on behalf of investors who purchased or acquired Match common stock between November 3, 2021 through January 31, 2023.
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, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about Match’s business and operations. Among other things, Defendants misrepresented and/or failed to disclose that:
- Match was not effectively executing on Tinder’s new product initiatives;
- as a result, Match was not on track to deliver Tinder’s planned product initiatives in 2022; and
- therefore, Defendants’ statements about Match’s business, operations, and prospects lacked a reasonable basis.
On January 31, 2023, when Match reported disappointing financial results for 2022, including total revenue that missed Match’s prior guidance. 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, Defendants further admitted that Tinder had “decelerated as the year went on.”
On 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.
If you purchased Match Group, Inc. securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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