RADNOR, Pa., Feb. 22, 2022 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Bumble Inc. ("Bumble") (NASDAQ: BMBL). The action charges Bumble with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Bumble's materially misleading statements to the public, Bumble investors have suffered significant losses.
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
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LEAD PLAINTIFF DEADLINE:March 25, 2022
CLASS PERIOD: Purchasers of Bumble Class A common stock in Bumble's secondary public stock offering on September 10, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Email at info@ktmc.com
BUMBLE'S ALLEGED MISCONDUCT
Bumble provides online dating and social networking platforms. Specifically, Bumble owns and operates websites and applications that offer subscription and credit-based dating products.
On September 7, 2021, Bumble filed a registration statement on a Form S-1 for Bumble's secondary public stock offering (the "SPO"). On September 9, 2021, the SEC declared the registration statement effective, and on September 13, 2021, Bumble filed the final Prospectus for the SPO, which forms part of the registration statement (collectively, the "Registration Statement"). The SPO allowed controlling stockholder Blackstone Group Inc. to sell 20.7 million shares of Bumble Class A common stock at $54 per share, generating more than $1.1 billion in gross proceeds.
On November 10, 2021, Bumble announced its third quarter 2021 financial results and revealed that, rather than growing paying users, Bumble's total paying user count had actually declined to 2.86 million, well below Bumble's 2.9 million reported paying users as of June 30, 2021 as highlighted in the Registration Statement. The complaint alleges that the Registration Statement failed to disclose any problems plaguing Bumble's dating apps or the slowdown in Bumble's paying user growth.
As of the date the initial complaint was filed, Bumble Class A common stock traded below $27 per share, a decline of more than 50% from the SPO price.
WHAT CAN I DO?
Bumbleinvestors may, no later than March 25, 2022 seek to be appointed as a lead plaintiff representative of 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 Bumble 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. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP
