NEW YORK, March 21, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer, LLP reminds investors of a class action that has been filed on behalf of investors who purchased or acquired the common stock of Match Group, Inc. (“Match” or the “Company”) (NASDAQ: MTCH) between November 3, 2021 and January 31, 2023, inclusive (the “Class Period”).
If you acquired Match common stock during the Class Period and would like to discuss this case, please click here. Or, you may contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than May 5, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
The Class Period begins on November 3, 2021, following Match's announcement of its third quarter 2021 financial results after the market closed on November 2, 2021. According to the complaint, in a letter to shareholders, Defendants touted Tinder's "radical product transformation," which included recently launched product initiatives such as a new "Explore" feature. Defendants further stated that "[t]he interactive and social experiences within Explore are the harbinger for Tinder's long-term vision," and noted that Tinder was working on several other monetization opportunities, such as an in-app virtual currency.
As alleged in the complaint, throughout the Class Period Defendants continued to represent that Tinder was effectively executing on 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.
Further, according to the complaint, investors began to learn the truth on August 2, 2022, when 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. Specifically, Defendants admitted 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, the price of Match common stock declined $13.47 per share, or 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, as alleged in the complaint, Defendants continued to assure investors that Match had revamped the Tinder team and that the new team was successfully executing on the initiatives. For example, on November 1, 2022, Defendants assured investors that Tinder's "[p]roduct execution is already improving" and that "early results are showing promise."
According to the complaint, investors continued to learn the truth on January 31, 2023, when Match reported disappointing financial results for 2022, including total revenue that missed the Company’s prior guidance. Defendants 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 conference call the following day, as alleged in the complaint, Defendants further admitted that Tinder had "decelerated as the year went on."
On this news, the price of Match common stock declined $2.71 per share, or 5%, from a close of $54.12 per share on January 31, 2023, to close at $51.41 per share on February 1, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
