Friday, 06 June 2025 09:20 PM
Class Action
NEW YORK, NY / ACCESS Newswire / June 6, 2025 / Pomerantz LLP hereby advises investors of recent developments in the class action lawsuit Sebastien Meslage v. Match Group, Inc., No. 24-cv-10153, pending in the United States District Court for the Central District of California, alleging violations of the federal securities laws by Match Group, Inc. ("Match Group" or the "Company") and certain of the Company's senior executives (collectively, "Defendants"). The action is brought on behalf of all persons or entities that purchased or otherwise acquired publicly traded Match Group securities between May 2, 2023 and November 6, 2024, inclusive (the "Class Period"). Pursuant to the Court's Order, as described in greater detail below, any member of the putative Class may file a motion seeking appointment as Lead Plaintiff, or otherwise challenge the appointment of the presumptive Lead Plaintiff in this action, on or before July 7, 2025.
Match Group's Alleged Fraud
Match Group describes itself as "a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®, Meetic®, OkCupid®, Pairs™, Plenty Of Fish®, Azar®, BLK®, and more, each built to increase our users' likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users."
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and omissions concerning the number of Tinder's monthly active users ("MAU" or "MAUs"), a topic of critical importance to investors. Specifically, after instituting policies which led to the removal of at least two million Tinder users and, in part, contributed to a significant decline in the number of Tinder MAUs, Defendants assured the market that it was on a path to positive MAU growth on the Tinder app. As a result of these misrepresentations, the price of Match Group securities traded at artificially inflated prices throughout the Class Period.
The complaint further alleges that, throughout the Class Period, Match Group materially understated the challenges affecting Tinder and, as a result, understated the risk that Tinder's MAU count would not recover by the time the Company reported its financial results for the third quarter ("Q3") of 2024.
The truth began to emerge on November 6, 2024, when Match Group published its Q3 2024 shareholder letter which disclosed that Tinder MAUs were down 9% year-over-year in Q3 2024, the same rate of decline as in the second quarter of 2024. Then, on November 7, 2024, Investopedia published an article discussing the foregoing issue entitled "Match Group Stock Slips as Fourth Quarter Outlook Disappoints." Finally, during the Company's accompanying Q3 2024 earnings call held with investors and analysts on November 7, 2024, Defendants revealed, in relevant part, that the Company "saw less progress on Tinder MAU than [it] expected" and that "certain trust and safety enhancements" made by Match Group "ha[d] caused pressure on Tinder MAU[s]."
Appointment of a Lead Plaintiff
Pursuant to the Private Securities Litigation Reform Act of 1995, counsel for the initial plaintiff in the action published a notice advising members of the putative Class that any member wishing to serve as Lead Plaintiff must file a motion with the Court no later than January 24, 2025.
On January 24, 2025, three putative Class members filed motions seeking appointment as Lead Plaintiff, including Evan Weisz. After reviewing Mr. Weisz's motion, each of the previously competing Lead Plaintiff applicants withdrew their motions.
On June 5, 2025, following a hearing on Mr. Weisz's motion, the Honorable Maame Ewusi-Mensah Frimpong, U.S.D.J., entered an Order finding Mr. Weisz to be the presumptive lead plaintiff in this action, and providing that any "any possible plaintiff may file," within thirty (30) days of the date of this notice-i.e., on or before July 7, 2025-"a motion challenging [Mr. Weisz's] status as presumptive lead plaintiff" of the Class in this Action.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP