NEWTOWN, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP, a leading class action law firm, announces the filing of a securities fraud class action on behalf of all purchasers of WM Technology, Inc. (NASDAQ: MAPS) between May 25, 2021, and September 24, 2024, inclusive (the “Class Period”). To join this case, go HERE.
Investors who purchased WM Technology stock during the Class Period may move the U.S. District Court for the Central District of California to appoint them as lead plaintiff, no later than December 16, 2024. Please contact Edelson Lechtzin LLP to discuss the lead plaintiff selection process at 844-696-7492 or by e-mail at elechtzin@edelson-law.com.
Background on WM Technology, Inc.
WM Technology is a software company that operates an online cannabis marketplace for consumers. The company also offers a suite of eCommerce and compliance software solutions tailored for cannabis businesses in the United States and Canada.
The Securities Fraud Claims.
the complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (i) WM Technology’s monthly average user metrics (MAUs) were severely inflated for years. On August 9, 2022, WM disclosed in a report on Form 8-K, that its board of directors had received an internal complaint regarding the calculation, definition, and reporting of its MAUs. On this news, the price of WM stock dropped from $3.46 per share to $2.59, a drop of over 25%.
On September 24, 2024, the SEC issued a litigation release announcing charges against WM Technology, its former CEO Christopher Beals, and its former CFO Arden Lee. The charges were related to negligent misrepresentations in the public reporting of its key operating metric, the MAUs, for WM Technology’s online cannabis marketplace. On this news, the price of WM Technology stock fell by 1.9% to close at $0.92 on September 25, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.
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