Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Bumble ...
NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of Texas on behalf of all persons or entities 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”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that on February 27, 2024 the Company reported disappointing fourth quarter fiscal 2023 results despite the recent launch of the Premium Plus subscription tier in December 2022. The Company’s management further announced that the Premium Plus tier would be revamped as part of the planned Bumble app relaunch as it did not have a clear enough market fit at launch and, as a result, the Company lowered its guidance for full year 2024. On this news, the Company’s stock price declined nearly 15%.
The Complaint also alleges that on August 7, 2024 the Company announced mixed second quarter 2024 results, disclosing that the app relaunch was not going to plan and that the Company would need to “reset” its outlook and “rebalance Bumble subscription tiers,” including a pause in the revamp of the poorly received Premium Plus tier. The Company also cut its fiscal year guidance for a second time. On this news, the Company’s stock price declined more than 29%.
Investors who purchased or otherwise acquired shares of Bumble should contact the Firm prior to the November 25, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
