Bumble(US:BMBL) Prnewswireยท2024-10-17 09:45Core Viewpoint - Bumble Inc. is facing a class action lawsuit due to allegations of providing misleading statements regarding its relaunch strategy and subscription offerings, which led to artificially inflated stock prices [1][2]. Group 1: Allegations and Impact - The lawsuit claims that Bumble's management made overly positive statements while concealing material adverse facts about the relaunch of its Premium Plus subscription tier and other offerings [1]. - Following the release of disappointing fourth quarter fiscal 2023 results on February 27, 2024, Bumble's stock price fell from $13.18 to $11.23 per share [1]. - On August 7, 2024, Bumble announced mixed second quarter results and revealed that the app relaunch was not proceeding as planned, resulting in a further stock price decline from $8.06 to $5.71 per share [1]. Group 2: Class Action Details - Shareholders who purchased Bumble shares during the class period from November 7, 2023, to August 7, 2024, are encouraged to register for the class action, with a deadline of November 25, 2024, to seek lead plaintiff status [2]. - Registered shareholders will receive updates through portfolio monitoring software throughout the case lifecycle [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements [3].