Unite with Fellow Investors
Choose the Best Attorney
Follow Case Progress
id: 599, Created by Stan Vick, Scout
Match Group, Inc. (MTCH) Misleading Case
What do I get by joining?
- You will get case updates and receive a payout in case of success
- If you would like to actively participate, you will be connected to the attorney
- No, you do not pay anything out of your pocket neither to us nor to attorney
- 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.
Shock Event Date
31 January 2023
Lead Plaintiff Deadline
05 May 2023
26 May 2023
Status: Lead Plaintiff and Counsel Appointed
Case №: 23-CV-00245
Court: District of Delaware
Judge: Hon. Maryellen Noreika
Description: The case is in the court of the District of Delaware. Several Lead Plaintiffs' applications have been submitted to the court. The Judge appointed Lead Plaintiff and Lead Counsel Block & Leviton LLP who will represent the Class.
Related News: Block & Leviton LLP has been appointed lead counsel for a proposed class of Match Group Inc. stockholders in Delaware federal court litigation alleging that the company misled the public about issues with its dating app Tinder, causing its stock price to plummet when the problems were revealed publicly. (Law360)
26 September 2023
$MTCH Case Update:
Match Group has asked a Delaware federal judge to toss a proposed investor class action alleging its share prices fell in 2022 as $MTCH announced disappointing results for Tinder and for a costly acquisition.