Bala Cynwyd, Pennsylvania--(Newsfile Corp. - April 10, 2023) - Law office of Brodsky & Smith announces that a class action has been filed against Match Group, Inc. ("Match" or the "Company") (NASDAQ: MTCH) for possible breaches of Federal Securities laws. 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 brand.
If you purchased or otherwise acquired shares of Match between November 3, 2021 and January 31, 2023 (the "Class Period"), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing for lead plaintiff is May 5, 2023. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/match-group-inc-nasdaq-mtch-2/, or call toll free 877-534-2590. There is no cost or obligation to you.
Throughout the Class Period, Defendants represented that Tinder was effectively executing several critical product initiatives that would drive growth for Match 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."
On August 2, 2022, however, Match 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.
On this news, the price of Match stock declined more than 17% from a close of $76.71 per share on August 2, 2022, to close at $63.24 per share on August 3, 2022.
Thereafter, on January 31, 2023, the Company reported disappointing financial results for 2022, including total revenue that missed the Company's prior guidance. The shortfall was largely attributed to "weaker-than-expected product execution at Tinder, the effects of which became more pronounced as the year progressed."
On this news, the price of Match stock declined another 5% from a close of $54.12 per share on January 31, 2023, to close at $51.41 per share on February 1, 2023.
According to the filed complaint, throughout the Class Period, Match made materially false and/or misleading statements and/or failed to disclose material adverse facts regarding the Company's business, operations, and prospects, including: (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) therefore, Defendants' statements about the Company's business, operations, and prospects lacked a reasonable basis.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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