Bumble Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against Bumble, Inc. (NASDAQ: BMBL); Lead Plaintiff Deadline is March 25, 2022
PHILADELPHIA, February 1, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Bumble, Inc. (“Bumble” or the “Company”) (NASDAQ: BMBL) between September 9, 2021 and January 24, 2022 (the “Class Period”), including on the Company’s September 10, 2021 offering.
If you purchased Bumble securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Bumble is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
On September 7, 2021, Bumble, operator of online dating and social networking platforms, filed a registration statement for a secondary public stock offering (the “SPO”). The SPO allowed controlling stockholder Blackstone Group Inc. to sell 20.7 million shares of Bumble Class A common stock at $54 per share, generating more than $1.1 billion in gross proceeds.
On November 10, 2021, Bumble announced its third quarter 2021 financial results and revealed that, rather than growing paying users, Bumble’s paying user number had declined to 2.86 million, well below Bumble’s 2.9 million paying user figure as of June 30, 2021, as reported in the Registration Statement. A lawsuit alleges that the SPO documents failed to disclose the slowdown in Bumble’s paying user growth, as we as other issues with the Company’s dating apps.
As of the date the lawsuit was filed, Bumble Class A common stock traded below $27 per share, a decline of more than 50% from the SPO price.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.