The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Match Group, Inc. (MTCH)
The Law Offices of Frank R. Cruz reminds investors of the upcoming May 5, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Match Group, Inc. (“Match” or the “Company”) (NASDAQ: MTCH) common stock between November 3, 2021 and January 31, 2023, inclusive (the “Class Period”).
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 or otherwise acquired Match common stock during the Class Period, you may move the Court no later than May 5, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 email@example.com, 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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