Match Group investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Match Group provides dating products. The Company operates a portfolio of approximately 45 brands, including Match, OkCupid, Tinder, PlentyOfFish, Meetic, Twoo, OurTime, and FriendScout24. Match Group also provides various test preparation, academic tutoring, and college counseling services such as The Princeton Review.
In connection with the Company’s IPO, on November 19, 2015, Match Group sold 33.3 million shares of common stock to investors at $12.00 per share.
The complaint alleges that the Company failed to disclose in connection with its IPO that it had experienced a delay in receiving a government contract, was experiencing a slowdown in sales of SAT prep materials, and would be forced to report lower than expected average revenue per paying user in its first public quarterly reporting period (ended December 31, 2015).
On February 2, 2016, Match Group revealed to investors a decline in total user growth and per-user revenue, and the cannibalization of users and revenues across competing platforms. The Company also reported that its net income had fallen and that there had been a decline in revenue from its Princeton Review segment.
The following day, during a February 3, 2016 conference call, Match Group detailed how it knew but failed to disclose in November 2015 that its 2015 Fourth Quarter revenue and financial results would be adversely impacted by two items. The first item was that a U.S. government contract was executed 2 and ½ months later than anticipated, which resulted in a revenue shortfall of millions of dollars. The second item was a “greater than anticipated slowdown” in the Company’s SAT preparation business during the 2015 Fourth Quarter due to a revamp of the test.
If you are a member of the class described above, you may no later than April 26, 2016, petition the Court to be appointed as lead plaintiff of the class, if you so choose.
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. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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