Did you lose money on investments in Match Group? If so, please visit Match Group, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Match Group, Inc. (“Match” or the “Company”) (NASDAQ: MTCH) between November 3, 2021 and January 31, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Delaware and alleges violations of the Securities Exchange Act of 1934.
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, to coincide with 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 the Company in 2022 and beyond. For example, as recently as May 2022, Defendants assured investors that Tinder was “on track” with these product initiatives and “on schedule with what [Tinder] planned to deliver in 2022.”
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) the Company was not effectively executing on Tinder’s new product initiatives; and (2) as a result, the Company was not on track to deliver Tinder’s planned product initiatives in 2022.
Investors began to learn the truth on August 2, 2022, when the Company 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. Defendants admitted 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 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%, to close at $63.24 per share on August 3, 2022.
Despite these revelations, Defendants continued to assure investors that the Company 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.”
However, on January 31, 2023, the Company reported disappointing financial results for 2022, including total revenue that missed the Company’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%, to close at $51.41 per share on February 1, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Match common stock, and/or would like to discuss your legal rights and options please visit Match Group, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
