NEW ORLEANS– Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 25, 2022 to file lead plaintiff applications in a securities class action lawsuit against Bumble Inc, if they purchased the Company’s Class A common stock directly in its September 2021 secondary public stock offering (the “SPO”). This action is pending in the United States District Court for the Southern District of New York.
About the Lawsuit
Bumble and certain of its executives are charged with failing to disclose material information in its SPO Registration Statement, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s paying user growth trends had abruptly reversed in 3Q21 and it had actually lost tens of thousands of paying users during the quarter; (ii) paying users had been more reluctant to sign up for the Bumble app during 3Q21 because of the recent price hike for paid services on the app; (iii) that a material number of paying users were leaving the Badoo app and/or could not make payments through the Badoo app due, in substantial part, to problems arising from the Company’s transition of its payment platform; and (iv) as a result of the foregoing, the Company’s business metrics and financial prospects were not as strong as the Registration Statement had represented.
The case is UA Local 13 Pension Fund v. Bumble Inc., No. 22-cv-00624.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire
