BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Match investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.