Investigation Launched into WM Technology’s Securities Practices

The Law Offices of Frank R. Cruz is investigating WM Technology, Inc. (“WM Technology” or the “Company”) MAPS on behalf of investors regarding possible federal securities law violations.

Context of Recent Stock Movements

In a recent disclosure on August 9, 2022, WM Technology revealed an internal complaint related to its calculation and reporting of Monthly Active Users (“MAUs”). The Company indicated that a considerable amount of its MAU growth was attributed to pop-under advertisements, which often failed to engage users after initial exposure.

Following this news, WM Technology’s stock dropped $0.87, or 25.1%, closing at $2.59 per share on August 10, 2022. This significant decline harmed investors as the accuracy of the Company’s reported user metrics came into question.

SEC Charges and Further Impacts on WM Technology

On September 24, 2024, the SEC charged WM Technology along with its former CEO Christopher Beals and former CFO Arden Lee, alleging they made negligent misrepresentations regarding the Company’s MAU metrics for its online cannabis marketplace. As part of the proceedings, WM Technology agreed to pay a $1,500,000 civil penalty.

Upon this announcement, WM Technology’s stock price fell again, decreasing by $0.02, or 1.89%, to close at $0.92 per share on September 25, 2024, further impacting investors who relied on the Company’s public reports.

Seeking Investor Participation

For shareholders who experienced losses, there is an opportunity to participate in this investigation. If you have any information or have questions regarding these events, please contact Frank R. Cruz at The Law Offices of Frank R. Cruz. He can be reached at 2121 Avenue of the Stars, Suite 800, Century City, California 90067, by phone at 310-914-5007, via email at info@frankcruzlaw.com, or through the website at www.frankcruzlaw.com. When reaching out via email, it’s important to include your mailing address, phone number, and the number of shares purchased.

Please note that this press release may be considered Attorney Advertising in certain jurisdictions under applicable law and ethical standards.

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