Kessler Topaz Meltzer & Check, LLP Alerts Bumble Inc. Investors About Upcoming Deadline in Securities Fraud Class Action.
Kessler Topaz Meltzer & Check, LLP has announced the initiation of a securities class action lawsuit against Bumble Inc. This action is on behalf of investors who acquired Bumble securities from November 7, 2023, to August 7, 2024, inclusive. The deadline for appointing a lead plaintiff is November 25, 2024.
The complaint alleges that Bumble's executives misled investors regarding the company’s market position and potential for growth. According to the claims, the defendants created a false sense of confidence about the Bumble app's reintroduction, as well as its marketing initiatives and the revamped Premium Plus subscription tier. Investors were led to believe that these changes would significantly increase user acquisition and revenue per paid user in the latter half of 2024.
The Lead Plaintiff Process
Investors who believe they have been affected by Bumble's alleged misconduct have until November 25, 2024, to apply for the role of lead plaintiff. This position is crucial as the lead plaintiff serves as the representative for the entire class, guiding the litigation process. To qualify as a lead plaintiff, an investor or a small group of investors must demonstrate a significant financial stake in Bumble securities and embody the characteristics of the broader class of investors.
The lead plaintiff will have the authority to select legal counsel to represent both themselves and the entire class. Once approved by the court, these attorneys will serve as lead or class counsel throughout the litigation. Importantly, investors’ eligibility for any potential recovery remains unaffected, regardless of whether they choose to act as a lead plaintiff or remain absent class members.
Kessler Topaz Meltzer & Check, LLP is dedicated to prosecuting class actions in both state and federal courts across the United States and internationally. The firm has earned a global reputation for excellence, successfully recovering billions for victims of fraud and corporate misconduct. For more information please visit www.ktmc.com.
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