NEW
YORK, Sept. 26, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders
of Bumble Inc. (NASDAQ: BMBL).
Shareholders who purchased shares of BMBL during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/bumble-loss-submission-form/?id=105042&from=4
CLASS PERIOD: November 7,
2023 to August 7, 2024
ALLEGATIONS: According to the complaint, defendants
provided overwhelmingly positive statements to investors while, at
the same time, disseminating materially false and misleading
statements and/or concealing material adverse facts 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. Such statements absent material facts caused shareholders
to purchase Bumble's securities at artificially inflated prices.
The truth began to emerge on February 27,
2024, when Bumble issued a press release reporting
disappointing fourth quarter fiscal 2023 results despite the recent
launch of the Premium Plus subscription tier in December 2022. During the subsequent earnings
call, 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. In response to this news,
Bumble's stock price declined from $13.18 per share on February 27, 2024 to $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
corresponding earnings call, defendants disclosed that the 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 the back of
this news, Bumble drastically cut its fiscal year guidance for a
second time. As a result, the price of Bumble stock declined from
$8.06 per share on August 7, 2024 to $5.71 per share on August
8, 2024.
DEADLINE: November 25, 2024
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/bumble-loss-submission-form/?id=105042&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of BMBL during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is November 25, 2024. There is no
cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm