NEW YORK, April 18, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Match Group, Inc. ("Match" or the "Company") (NASDAQ: MTCH). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Match and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 2, 2022, Match announced its financial results for the second quarter of 2022 and warned that it expected growth of Tinder, its largest and most important brand, to slow in the second half of 2022 as the result of poor product execution. Specifically, the Company acknowledge that "Tinder did not deliver on its product roadmap for the first half of the year," forcing Match to delay the launch of several initiatives and optimizations that it had previously expected to generate growth in 2022.
On this news, Match's stock price fell $13.47 per share, or more than 17%, to close at $63.24 per share on August 3, 2022.
Then, on January 31, 2023, Match reported disappointing financial results for 2022, including total revenue that missed the Company's prior guidance. The Company 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 call the following day, Match further admitted that Tinder had "decelerated as the year went on."
On this news, Match's stock price fell $2.71 per share, or 5%, to close at $51.41 per share on February 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
