SAN DIEGO, Oct. 26, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Bumble Inc. BMBL securities between November 7, 2023 and August 7, 2024, inclusive (the “Class Period”), have until November 25, 2024 to seek appointment as lead plaintiff of the Bumble class action lawsuit. Captioned Holzer v. Bumble Inc., No. 24-cv-01131 (W.D. Tex.), the Bumble class action lawsuit charges Bumble as well as certain of Bumble’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Bumble class action lawsuit, please provide your information here:
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
CASE ALLEGATIONS: Bumble provides online dating and social networking.
The Bumble class action lawsuit alleges that defendants created the false impression that they possessed reliable information pertaining to Bumble’s consumer market, resulting in defendants’ confidence that the relaunch of the Bumble app, its associated marketing campaign, and the connected revamp of Bumble’s Premium Plus subscription tier would boost Bumble’s growth through an expanded user base and increased revenue per paid user in the second half of the year.
The Bumble class action further alleges that on February 27, 2024 Bumble reported disappointing fourth quarter fiscal 2023 results despite the recent launch of the Premium Plus subscription tier in December 2022. Bumble’s management further announced that the Premium Plus tier would be revamped as part of the planned Bumble app relaunch as it did not have a clear enough market fit at launch and, as a result, Bumble lowered its guidance for full year 2024, according to the complaint. On this news, Bumble’s stock price declined nearly 15%, according to the Bumble class action lawsuit.
The Bumble class action also alleges that on August 7, 2024 Bumble announced mixed second quarter 2024 results, disclosing that the app relaunch was not going to plan and that Bumble would need to “reset” its outlook and “rebalance Bumble subscription tiers,” including a pause in the revamp of the poorly received Premium Plus tier. Bumble also cut its fiscal year guidance for a second time, according to the complaint. On this news, Bumble’s stock price declined more than 29%, according to the Bumble class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or otherwise acquired Bumble securities during the Class Period to seek appointment as lead plaintiff in the Bumble class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Bumble class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Bumble class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Bumble class action lawsuit.
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]
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