Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Bumble Inc. (BMBL) Investors

Business Wire 1-Oct-2024 3:12 PM

Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Bumble Inc. ("Bumble" or the "Company") (NASDAQ:BMBL) securities between November 7, 2023 and August 7, 2024, inclusive (the "Class Period"). Bumble investors have until November 25, 2024 to file a lead plaintiff motion.

If you suffered a loss on your Bumble investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Bumble-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On February 27, 2024, Bumble released its fourth quarter 2023 financial results, falling short of expectations. The Company stated that the recently-launched Premium Plus subscription tier would be revamped as part of a planned Bumble app relaunch, as it "did not have a clear enough market fit" at launch. Additionally, the Company lowered its guidance for 2024.

On this news, Bumble's stock price fell $1.95, or 14.8%, to close at $11.23 per share on February 28, 2024, thereby injuring investors.

Then, on August 7, 2024, Bumble released its second quarter 2024 financial results, disclosing that the app relaunch was not going to plan and that 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 Premium Plus tier. The Company also cut its full year 2024 guidance for a second time.

On this news, Bumble's stock price fell $2.35, or 29.2%, to close at $5.71 per share on August 8, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Bumble's Premium Plus subscription plan did not have a clear market fit and would very quickly need to be revamped; (2) Bumble's tiered-subscription options were ill equipped to provide the claimed revenue per user benefit to the Company's faltering market share, particularly regarding user growth and monetization; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Bumble securities during the Class Period, you may move the Court no later than November 25, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241001424281/en/