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MAPS.US
id: 1373
WM Technology (MAPS) Inflated User Metrics Case
C.D. California
Court2:24-CV-08959
Case number05/25/2021
Class period Start09/24/2024
Class period End12/16/2024
Lead Plaintiff motion deadline- $MAPS stockholders filed a claim against WM Technology for misleading them about user engagement and financial health.
- After the SEC charges and the September 2024 revelations, $MAPS dropped by 1.9%.
- $MAPS investors can join this case to be notified about potential recovery.
Case Details:
Between May 2021 and September 2024, WM Technology inflated its monthly active users metrics (MAUs) by reporting higher user engagement.
Internal data revealed that many users were directed to the platform through pop-up ads and did not interact with the site.
These practices were publicly disclosed in September 2024 after an internal audit revealed that the company had inflated its growth metrics and user engagement over several years.
On September 24, 2024, the SEC charged WM Technology and its executives for misrepresenting their MAU numbers.
Following $MAPS fell by 1.9%.
Based on these events, $MAPS stockholders filed a claim against the company, accusing it of:
- The company inflated user engagement metrics, particularly MAUs.
- It misled investors about its platform’s growth and financial health.
- It failed to disclose declining user engagement and reliance on pop-under ads.
Investors believe WM Technology misled them by inflating user metrics, failing to disclose declining user engagement, and using deceptive advertising methods.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Fraud
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/09/2022
Filing date
10/17/2024
Lead Plaintiff Deadline
12/16/2024