The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Match Group, Inc. (“Match” or the “Company”) (NASDAQ: MTCH) common stock between November 3, 2021 and January 31, 2023, inclusive (the “Class Period”). Match investors have until May 5, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 2, 2022, Match released its second quarter 2022 financial results, warning that it expected the growth of its largest and most important brand, Tinder, to slow in the second half of 2022 as the result of poor product execution, admitting that “Tinder did not deliver on its product roadmap for the first half of the year,” forcing the Company to delay the launch of several initiatives and optimizations.
On this news, Match’s stock price fell $13.47, or 17.6%, to close at $63.24 per share on August 3, 2022, thereby injuring investors.
Then, on January 31, 2023, Match reported disappointing financial results for 2022, including total revenue that missed the Company’s prior guidance. The Company attributed the shortfall to “weaker-than-expected product execution at Tinder, the effects of which became more pronounced as the year progressed.”
On this news, Match’s stock price fell $2.72, or 5%, to close at $51.41 per share on February 1, 2023, thereby injuring investors further.
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) the Company was not effectively executing on Tinder’s new product initiatives; (2) as a result, the Company was not on track to deliver Tinder’s planned product initiatives in 2022; and (3) 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 Match common stock during the Class Period, you may move the Court no later than May 5, 2023 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 purchased Match common stock, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Match Group, Inc. (MTCH) Investors
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007