SAN DIEGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired Bumble, Inc. (NASDAQ: BMBL) (“Bumble” or the “Company”) securities between November 7, 2023 and August 7, 2024, inclusive (the “Class Period”), charging the Company and certain of its current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).
Bumble investors have until November 25, 2024 to seek appointment as lead plaintiff of the Bumble class action lawsuit.
If you purchased Bumble securities between November 7, 2023 and August 7, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/bumble/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Bumble, a dating app (the “Bumble App”), claims to be one of the first dating apps built with women in mind, where women make the first move.
The Bumble class action lawsuit alleges that Defendants made materially false and misleading statements and concealed material adverse facts concerning Bumble’s business operations and financial prospects. Specifically, Defendants’ misstatements stressed confidence in their understanding of the desires in their consumer market, growth in revenue per user on the back of the Company’s new elevated subscription tier (“Premium Plus”), and a full app relaunch to integrate features the Company claimed would expand their market to more users with a focus on an increase in younger users on their platform.
The truth began to emerge on February 27, 2024, when Bumble reported disappointing fourth quarter and fiscal 2023 results despite its December 2022 launch of Premium Plus. During a corresponding earnings call, management announced that the Premium Plus tier would be revamped as part of a planned Bumble App relaunch, as it “did not have a clear enough market fit” at launch. As a result, Bumble lowered its fiscal year 2024 guidance. In response to this news, Bumble’s stock price fell $1.95 per share, or nearly 15%.
Then, on August 7, 2024, Bumble announced mixed second quarter 2024 results. Defendants revealed that the Bumble App relaunch was not going to plan, and the Company would again need to “reset” its outlook to refocus on the “consumer ecosystem” and “rebalance Bumble subscription tiers,” including pausing its revamp of the poorly received Premium Plus tier. Bumble then significantly cut its fiscal year 2024 guidance for a second time. As a result, Bumble stock plummeted $2.36 per share, or 29.2%.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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