New York, New York--(Newsfile Corp. - April 17, 2023) - The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of those who acquired Match Group, Inc. ("Match" or the "Company") (NASDAQ: MTCH) securities during the period from November 3, 2021 through January 31, 2023 (the "Class Period"). Investors have until May 5, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Match is a dating service provider, which offers a diverse portfolio of apps and services that enable connections across the spectrum of age, race, gender, sexual orientation, and backgrounds.
On August 2, 2022, Match announced financial results for the second quarter of 2022, including Tinder direct revenue growth of 13% on a year-over-year basis. The Company warned that it expected Tinder's growth to slow in the second half of 2022, projecting third quarter direct revenue growth in just the mid-single digits for Tinder. In a letter to shareholders, Defendant Bernard Kim, the Company's new Chief Executive Officer, attributed this expected slowdown to poor execution. On this news, the price of Match shares declined by $13.47 per share, or approximately 17.56%, from $76.71 per share to close at $63.24 on August 3, 2022.
On January 31, 2023, Match reported that its total revenue grew only 7% on a year-over-year basis-well below its target of growth in the mid- to high-teens. In a letter to shareholders that day, Defendants admitted that "a significant portion [of the shortfall] resulted from weaker-than expected product execution at Tinder, the effects of which became more pronounced as the year progressed." On February 1, 2023, Defendant Gary Swidler, the Company's President, explained on an earnings conference call that "our business overall and Tinder in particular, decelerated as the year went on, and product execution was not what we expect[ed] it to be, especially in the first half of the year." On this news, the price of Match shares declined by $2.71 per share, or approximately 5.01%, from $54.12 per share to close at $51.41 on February 1, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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.
If you purchased or otherwise acquired Match securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162769
