Bumble(US:BMBL) Prnewswireยท2024-11-22 10:45Core 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 [2][4]. Group 1: Allegations and Impact - The class period for the lawsuit is from November 7, 2023, to August 7, 2024, during which Bumble allegedly made positive statements while concealing material adverse facts about its Premium Plus subscription tier and overall relaunch strategy [2]. - 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 the next day, indicating a significant market reaction to the news [2]. - On August 7, 2024, Bumble announced mixed second quarter results and revealed that the app relaunch was not proceeding as planned, leading to a further stock price decline from $8.06 to $5.71 per share on August 8, 2024 [2]. Group 2: Next Steps for Shareholders - Shareholders who purchased Bumble shares during the specified class period are encouraged to register for the class action, with a deadline of November 25, 2024, to seek lead plaintiff status [3]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case, ensuring they are informed of any developments [3]. Group 3: Legal Representation - The Gross Law Firm, a nationally recognized class action law firm, is representing the shareholders, emphasizing its commitment to protecting investors' rights against deceit and fraud [4]. - The firm aims to recover losses incurred by investors due to misleading statements that led to inflated stock prices, reinforcing its role in ensuring responsible business practices [4].