NEW YORK, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of those who acquired Bumble Inc. (“Bumble” or the “Company”) (NASDAQ: BMBL) securities during the period of November 7, 2023 through August 7, 2024, inclusive (“the Class Period”). Investors have until November 25, 2024, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On February 27, 2024, Bumble issued a press release which reported disappointing fourth quarter 2023 results despite the recent launch of its Premium Plus subscription tier in December 2022. During the subsequent earnings call, Bumble management announced that the Premium Plus tier would be revamped as part of the planned Bumble app relaunch, as it did not have a clear enough market fit at launch. As a result, Bumble lowered its guidance for full year 2024. On this news, the price of Bumble shares declined by $1.95, from $13.18 per share on February 27, 2024, to close at $11.23 per share on February 28, 2024.
On August 7, 2024, Bumble issued a press release announcing mixed second quarter 2024 results. During the earnings call, Bumble disclosed that its app relaunch was not going to plan, and 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 poorly received Premium Plus tier. On this news, Bumble drastically cut its fiscal year guidance for a second time. As a result, the price of Bumble stock declined by $2.35, from $8.06 per share on August 7, 2024, to close at $5.71 per share on August 8, 2024.
According to the lawsuit, Bumble provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements concerning Bumble’s relaunch strategy, including Premium Plus and base tiers, focused engagement and more personalized experiences for younger users, and enhancing premium offerings for paid subscription members
If you purchased or otherwise acquired Bumble securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
