Philadelphia, Pennsylvania--(Newsfile Corp. - May 3, 2023) - Kaskela Law LLC announces that a class action lawsuit has been filed against Match Group, Inc. (NASDAQ: MTCH) ("Match" or the "Company") on behalf of investors who purchased shares of the Company's common stock between November 3, 2021 and January 31, 2023, inclusive (the "Class Period").
Match is a technology and social media company that operates one of the world's largest portfolios of online dating brands and apps. Tinder, which generated more than half of Match's revenue during the Class Period, is Match's largest and most important brand.
According to the complaint, throughout the Class Period Match Group and certain of the Company's executive officers falsely represented to investors that Tinder was effectively executing on several critical product initiatives that would drive growth for the Company in 2022 and beyond.
However, investors began to learn the truth on August 2, 2022, when the Company 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. Following this disclosure, shares of Match common stock declined $13.47 per share, or more than 17% in value, to close at $63.24 per share on August 3, 2022, on heavy trading volume.
Then, on January 31, 2023, Match reported disappointing financial results for 2022, including total revenue that missed the Company's prior guidance. Notably, defendants largely attributed the shortfall to "weaker-than-expected product execution at Tinder, the effects of which became more pronounced as the year progressed." Following this disclosure, the price of Match common stock declined an additional $2.71 per share, or 5% in value, to close at $51.41 per share on February 1, 2023, again on heavy trading volume.
Investors who purchased Match common stock during the Class Period and suffered an investment loss in excess of $100,000 are encouraged to immediately contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/stock-fraud-match-group/ , for additional information about this action and their legal rights and recovery options.
IMPORTANT DEADLINE: Investors who purchased Match common stock during the Class Period and suffered a financial loss may, no later than May 5, 2023, seek to be appointed as a lead plaintiff representative in the action through Kaskela Law LLC or other counsel.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 - 1740
(484) 229 - 0750
www.kaskelalaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164792
