Bumble(US:BMBL) Prnewswireยท2024-11-23 14:40Core Viewpoint - The Bumble class action lawsuit alleges that Bumble Inc. and its executives misled investors regarding the company's market position and growth prospects, leading to significant stock price declines following disappointing financial results [4][5][6]. Group 1: Class Action Details - The class action lawsuit is titled Holzer v. Bumble Inc., No. 24-cv-01131 (W.D. Tex.), and it involves purchasers of Bumble securities from November 7, 2023, to August 7, 2024 [1]. - Investors have until November 25, 2024, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit claims violations of the Securities Exchange Act of 1934 by Bumble and its top executives [1]. Group 2: Allegations and Financial Impact - The lawsuit alleges that Bumble's management created a false impression of having reliable market information, which led to overconfidence in the relaunch of the Bumble app and the Premium Plus subscription tier [4]. - On February 27, 2024, Bumble reported disappointing fourth quarter fiscal 2023 results, leading to a nearly 15% decline in stock price after lowering its guidance for full year 2024 [5]. - On August 7, 2024, Bumble announced mixed second quarter 2024 results, stating that the app relaunch was not proceeding as planned, resulting in a more than 29% decline in stock price [6].