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BMBL.US
id: 682

Bumble (BMBL) Investors $18M Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
S.D. New York
Court
22-CV-00624
Case number
10 Sept 2021
Class period Start
24 Jan 2022
Class period End
11 Sept 2023
Claim deadline
Bumble (BMBL) settled $18 million with Investors.

On September 7, 2021, Bumble filed with the SEC a Registration Statement on Form S-1 for the Company's SPO. On September 9, 2021, the SEC declared the Registration Statement effective, and on or about September 13, 2021, Bumble filed the final Prospectus for the SPO. The Complaint alleges that the SPO’s registration statement contained inaccurate statements of material fact because they failed to disclose that:
  1. Bumble’s paying user growth trends had abruptly reversed in 3Q21 and Bumble had actually lost tens of thousands of paying users during the quarter;
  2. paying users had been more reluctant to sign up for the Bumble app during 3Q21 because of the recent price hike for paid services on the app;
  3. a material number of paying users were leaving the Badoo app and/or could not make payments through the Badoo app due, in substantial part, to problems arising from Bumble’s transition of its payment platform; and
  4. as a result, Bumble’s business metrics and financial prospects were not as strong as the registration statement had represented.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.94
Filing date
24 January 2022
Plaintiffs
Louisiana Sheriffs’ Pension & Relief Fund, UA Local 13 Pension Fund
Attorneys
Bernstein Litowitz Berger & Grossmann LLP (New York, NY), Klausner, Kaufman, Jensen & Levinson (Plantation, FL)
Defendants
Whitney Wolfe Herd, Anuradha Subramanian, Ann Mather, Christine L. Anderson, R. Lynn Atchison, Sachin J. Bavishi, Matthew S. Bromberg, Amy M. Griffin, Jonathan C. Korngold, Jennifer B. Morgan, Elisa A. Steele, Pamela A. Thomas-Graham
Judge
Hon. Vernon S. Broderick
Administrator
JND Legal Administration
Court hearing date
04 August 2023
Exclusion deadline
12 July 2023
Objection deadline
12 July 2023
Hearing deadline
12 July 2023
Attorney fee
$4,500,000
Class wide damages
$222,319,000
Trades matching type
FIFO
+$18,000,000
Cash Settlement Amount

Bumble Inc

Bumble Inc. provides online dating and social networking platforms in North America, Europe, internationally. It owns and operates websites and applications that offers subscription and in-app purc...

    Ticker
    BMBL.US
    ISIN
    US12047B1052
    CIK
    1830043
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    1105 West 41st Street, Austin, TX, United States, 78756