Law Offices of Howard G. Smith reminds investors of the upcoming November 25, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Bumble Inc. (“Bumble” or the “Company”) (NASDAQ: BMBL) securities between November 7, 2023 and August 7, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Bumble investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 27, 2024, Bumble released its fourth quarter 2023 financial results, falling short of expectations. The Company stated that the recently-launched Premium Plus subscription tier would be revamped as part of a planned Bumble app relaunch, as it “did not have a clear enough market fit” at launch. Additionally, the Company lowered its guidance for 2024.
On this news, Bumble’s stock price fell $1.95, or 14.8%, to close at $11.23 per share on February 28, 2024, thereby injuring investors.
Then, on August 7, 2024, Bumble released its second quarter 2024 financial results, disclosing that the app relaunch was not going to plan and that the Company would need to “reset” its outlook to refocus on the “consumer ecosystem” and “rebalance Bumble subscription tiers,” including a pause in the revamp of the Premium Plus tier. The Company also cut its full year 2024 guidance for a second time.
On this news, Bumble’s stock price fell $2.35, or 29.2%, to close at $5.71 per share on August 8, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Bumble’s Premium Plus subscription plan did not have a clear market fit and would very quickly need to be revamped; (2) Bumble’s tiered-subscription options were ill equipped to provide the claimed revenue per user benefit to the Company’s faltering market share, particularly regarding user growth and monetization; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Bumble securities during the Class Period, you may move the Court no later than November 25, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241002434557/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
