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“Frank R. Cruz Law Offices Alert Investors to Upcoming Deadline in WM Technology, Inc. Class Action Case”

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Investors Alert: Deadline Approaches for Class Action Against WM Technology

The Law Offices of Frank R. Cruz are reminding investors about the important December 16, 2024 deadline to file a lead plaintiff motion in a class action lawsuit against WM Technology, Inc. (“WM Technology” or the “Company”). This action involves investors who purchased MAPS securities between May 25, 2021, and September 24, 2024 (the “Class Period”).

If you are a shareholder who experienced a loss, click here to participate.

Concerns Arise: Internal Complaints and Stock Decline

On August 9, 2022, WM Technology announced it had received an internal complaint regarding the calculation and reporting of its Monthly Active Users (“MAUs”). The Company indicated that much of its MAU growth originated from pop-under ads, with many users leaving without engaging further on the site.

Following this revelation, the stock price plunged by $0.87 or 25.1%, closing at $2.59 per share on August 10, 2022, impacting many investors.

SEC Charges: Former Executives Involved

On September 24, 2024, the SEC announced charges against WM Technology, along with former CEO Christopher Beals and former CFO Arden Lee, for making negligent misrepresentations in the Company’s public reporting of MAUs. The SEC stated it had also initiated a settled administrative proceeding against WM Technology, which agreed to pay a civil penalty of $1,500,000.

The Company’s stock subsequently declined by $0.02 or 1.89%, closing at $0.92 per share on September 25, 2024, adding to investors’ losses.

Class Action Claims: Misleading Statements Alleged

The class action complaint alleges that throughout the Class Period, defendants made materially false and misleading statements. They reportedly failed to disclose critical adverse information about the Company’s operations and financial health. Specifically, they neglected to inform investors that the Company did not have sufficient internal controls over financial reporting, leading to manipulation of a key financial metric.

Next Steps for Investors

Investors who purchased or acquired WM Technology securities during the Class Period can move the Court by December 16, 2024 to request their appointment as lead plaintiff in this lawsuit. It is not necessary to take any action at this time to be a part of the class action suit. Interested parties can choose to retain their legal counsel or remain as absent members of the class.

For more details about the class action, or if you have questions regarding this announcement or your rights in the pending lawsuit, please contact Frank R. Cruz at The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, via email at info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. When reaching out via email, please include your mailing address, phone number, and the number of shares purchased.

This press release may be considered Attorney Advertising in certain jurisdictions under applicable law and ethical guidelines.

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