Investors File Class Action Against WM Technology Over Misleading Statements

Glancy Prongay & Murray LLP (“GPM”), a prominent national shareholder rights law firm, has announced a class action lawsuit on behalf of investors who purchased or otherwise acquired WM Technology, Inc. (“WM Technology” or the “Company”) MAPS securities between May 25, 2021 and September 24, 2024, inclusive (the “Class Period”). Investors in WM Technology have until December 16, 2024 to file a lead plaintiff motion.

If you experienced a loss on your WM Technology investments or want to learn more about pursuing claims under federal securities laws, you can submit your contact information at www.glancylaw.com/cases/WM-Technology-Inc/. You may also reach out to Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or via email at shareholders@glancylaw.com for further assistance.

On August 9, 2022, WM Technology revealed an internal complaint regarding its calculation and reporting of Monthly Active Users (“MAUs”). The Company admitted that much of its MAU growth stemmed from pop-under ads, noting that most users acquired through these ads left the site without further interaction.

Following this revelation, WM Technology’s stock price dropped by $0.87, or 25.1%, to close at $2.59 per share on August 10, 2022, deeply affecting investors.

On September 24, 2024, the SEC announced charges against the Company, former CEO Christopher Beals, and former CFO Arden Lee for “making negligent misrepresentations” about MAUs in the Company’s public reports. The SEC also stated that WM Technology agreed to pay a civil penalty of $1,500,000 in a related settled administrative proceeding.

As a result, on September 25, 2024, WM Technology’s stock fell by $0.02, or 1.89%, closing at $0.92 per share, further impacting investors.

The filed complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements, failing to disclose significant negative information about the Company’s operations and outlook. They reportedly did not maintain adequate internal controls over financial reporting and provided misleading positive statements about the Company’s status.

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If you acquired WM Technology securities during the Class Period, you may request the Court to appoint you as lead plaintiff by December 16, 2024. Membership in the Class requires no immediate action; you can choose to retain counsel or remain absent from the proceedings. For further information or inquiries about your rights, please contact Charles Linehan, Esquire, at GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by phone at 310-201-9150, toll-free at 888-773-9224, or via email at shareholders@glancylaw.com. Include your mailing address, telephone number, and number of shares purchased in your email.

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