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MTCH.US

Match Group, Inc. (MTCH) Misleading Case

D. Delaware
Court
23-CV-00245
Case number
03 Nov 2021
Class period Start
31 Jan 2023
Class period End
  • Match Group (MTCH) reported weaker-than-expected product execution at #Tinder contrary to the prior guidances.
  • Match Group's (MTCH) Leaders were reinsuring Investors that Tinder strategy was successfully executing.
  • Investors Match Group (MTCH) & its Leaders suspect of multiple misleading statements.
On January 31, 2023, Match Group, Inc. (MTCH) reported disappointing financial results for 2022, including total revenue that missed the prior guidance.

The Company's management 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, they further admitted that Tinder had “decelerated as the year went on.”

On this news, Match common stock declined 5%, damaging investors.

  • On November 3, 2021, Match touted Tinder’s “radical product transformation,” which included recently launched product initiatives such as a new “Explore” feature. Defendants further stated that “the 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.
  • The Company's Leaders 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, Match assured investors that Tinder was “on track” with these product initiatives.
  • On August 2, 2022, Match announced financial results for Q2 2022 and warned that it expected Tinder’s growth to slow in H2 2022 as the result of poor product execution. Specifically, the Company 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, Match common stock declined over 17%.
  • But Match's Leaders continued to assure investors that the Company had revamped the Tinder team and that the new team was successfully executing on the initiatives. For example, on November 1, 2022, they assured investors that Tinder’s “product execution is already improving” and that “early results are showing promise.”
Taking all representations, guidlines and appered facts into account, Investors have grounds to suspect Match Group and its Leaders of maultiple misleading statements which led to investment losses to shareholders.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Negligence
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
31 January 2023
Lead Plaintiff Deadline
05 May 2023
Collecting participants…
Created by Stan Vick, Scout

Match Group Inc

Match Group, Inc. provides dating products worldwide. The company's portfolio of brands includes Tinder, Match, The League, Azar, Meetic, OkCupid, Hinge, Pairs, PlentyOfFish, and Hakuna, as well as...

    Ticker
    MTCH.US
    ISIN
    US57667L1070
    CIK
    891103
    Sector
    Communication Services
    Industry
    Internet Content & Information
    Country
    USA
    Address
    8750 North Central Expressway, Dallas, TX, United States, 75231