MTCH Deadline Approaching: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Match Group, Inc. of Deadline in Securities Fraud Class Action Lawsuit
The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that the firm has filed a securities class action lawsuit against Match Group, Inc. (“Match”) on behalf of investors who purchased or acquired Match (NASDAQ: MTCH) common stock between November 3, 2021 through January 31, 2023, inclusive (the “Class Period”). This action, captioned Bardaji v. Match Group, Inc., et al., Case No. 1:23-cv-00245-MN, was filed in the United States District Court for the District of Delaware before the Honorable Maryellen Noreika.
Important Deadline Reminder: Investors who purchased or otherwise acquired Match common stock during the Class Period may, no later than May 5, 2023, move the Court to serve as lead plaintiff for the class.
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LEAD PLAINTIFF DEADLINE: MAY 5, 2023
CLASS PERIOD: 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 Class Period begins on November 3, 2021, following Match’s announcement of its third quarter 2021 financial results after the market closed on November 2, 2021. In a letter to shareholders, Defendants touted Tinder’s “radical product transformation,” which included recently launched product initiatives such as a new “Explore” feature. Defendants further stated that “[t]he interactive and social experiences within Explore are the harbinger for Tinder’s long-term vision,” and noted that Tinder was working on several other monetization opportunities, such as an in-app virtual currency.
Throughout the Class Period, Defendants continued to represent that Tinder was effectively executing on several critical product initiatives that would drive growth for Match in 2022 and beyond. For example, as recently as May 2022, Defendants assured investors that Tinder was “on track” with these product initiatives.
Investors began to learn the truth on August 2, 2022, when Match announced financial results for the second quarter of 2022 and warned that it expected Tinder’s growth to slow in the second half of 2022 as the result of poor product execution. Specifically, Defendants admitted that “Tinder did not deliver on its product roadmap for the first half of the year,” forcing Match to delay the launch of several initiatives and optimizations that it had previously expected to generate growth in 2022.
On this news, the price of Match common stock declined $13.47 per share, or more than 17%, from a close of $76.71 per share on August 2, 2022, to close at $63.24 per share on August 3, 2022.
Thereafter, Defendants continued to assure investors that Match had revamped the Tinder team and that the new team was successfully executing on the initiatives. For example, on November 1, 2022, Defendants assured investors that Tinder’s “[p]roduct execution is already improving” and that “early results are showing promise.”
Investors learned the truth, however, 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.
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. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Match was not effectively executing on Tinder’s new product initiatives; (2) as a result, Match was not on track to deliver Tinder’s planned product initiatives in 2022; and (3) therefore, Defendants’ statements about Match’s business, operations, and prospects lacked a reasonable basis.
WHAT CAN I DO?
Match investors may, no later than May 5, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Match investors who have suffered significant losses to contact the firm directly to acquire more information.
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WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries.