||Match Group, Inc.
||United States District Court for the District of Delaware
||The Hon. Maryellen Noreika
||November 3, 2021 and January 31, 2023
Match investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than May 5, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit on behalf of those who purchased or acquired Match Group, Inc. ("Match") (NASDAQ: MTCH) common stock between November 3, 2021 through January 31, 2023, both dates inclusive (the “Class Period”).
Match is a technology and social media company that operates one of the world’s largest portfolios of online dating brands and apps. Match’s most notable dating apps include Tinder, Hinge, OkCupid, and PlentyOfFish. Tinder, which generated more than half of Match’s revenue during the Class Period, is Match’s largest and most important brand.
The Class Period begins on November 3, 2021, when Match announced its third quarter 2021 financial results after the market closed on November 2, 2021. In a letter to shareholders, Defendants touted Tinder’s “radical product transformation,” which included recently launched product initiatives such as a new “Explore” feature. Defendants further stated that “[t]he 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.
Throughout the Class Period, Defendants 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, Defendants assured investors that Tinder was “on track” with these product initiatives and “on schedule with what [Tinder] planned to deliver in 2022.”
Investors began to learn the truth on August 2, 2022, when Match announced financial results for the second quarter of 2022 and warned that it expected Tinder’s growth to slow in the second half of 2022 as the result of poor product execution. Specifically, Defendants 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, the price of Match common stock declined $13.47 per share, or more than 17%, from a close of $76.71 per share on August 2, 2022, to close at $63.24 per share on August 3, 2022.
Defendants continued to assure investors that Match had revamped the Tinder team and that the new team was successfully executing on the initiatives. For example, on November 1, 2022, Defendants assured investors that Tinder’s “[p]roduct execution is already improving” and that “early results are showing promise.”
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.