SAN FRANCISCO, Jan. 27, 2022 /PRNewswire/ -- Hagens Berman notifies Bumble Inc. (NASDAQ: BMBL) investors that a securities class action has been filed and urges investors with significant losses to submit your losses now.
Class Period: Sept. 9, 2021 – Jan. 24, 2022
Lead Plaintiff Deadline: Mar. 25, 2022
Visit:www.hbsslaw.com/investor-fraud/BMBL
Contact An Attorney Now:BMBL@hbsslaw.com
844-916-0895
Bumble Inc. (BMBL) Securities Class Action:
The lawsuit focuses on statements contained in Bumble's SPO registration statement that enabled Blackstone Group and certain affiliates to sell approximately 20.7 million Bumble shares to the investing public at $54 per share for total proceeds of about $1.1 billion.
More specifically, leading up to and during Bumble's SPO, defendants claimed Bumble was experiencing significant growth in its paying user count for its two online dating platforms – the Bumble app and the Badoo app.
According to the complaint, the SPO's registration statement was materially misleading because it failed to disclose that: (1) Bumble's paying user growth trends had abruptly reversed in Q3 2021 and Bumble had lost tens of thousands of paying users during the quarter; (2) paying users had been more reluctant to sign up for the Bumble app during the quarter because of the recent price hike for paid services on the app; (3) a material number of paying users were leaving the Badoo app and/or could not make payment through the app due, in substantial part, to problems arising from Bumble's transition of its payment platform; and, (4) as a result, Bumble's business metrics and financial prospects were not as strong as the registration statement had represented.
On Nov. 10, 2021, Bumble announced its Q3 2021 financial results and disclosed that Bumble's total paying user count declined from the previous quarter by tens of thousands of paying users, causing the price of Bumble shares to plummet.
"We're focused on investors' losses and proving Bumble's SPO registration statement was misleading for failing to disclose slowing paying user growth," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Bumble and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Bumble should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:BMBL@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
