WM Technology, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. December 16, 2024 Deadline to file Lead Plaintiff Motion
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises WM Technology, Inc. ("WM Technology" or the "Company") (NASDAQ: MAPS) investors of a class action representing investors that bought securities between May 25, 2021 and September 24, 2024, inclusive (the "Class Period"). WM Technology investors have until December 16, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.
The complaint outlines that the Company and its executives allegedly violated federal securities laws by making false or misleading statements and failing to disclose key information, including: (1) WM Technology's monthly average user metrics (MAUs) were significantly overstated for several years; and (2) as a result, the defendants' statements regarding the company's business, operations, and future prospects were materially false or misleading and lacked a reasonable basis. When the true information became known, the lawsuit claims that investors incurred losses.
On September 25, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it had charged WM Technology, Inc. (NASDAQ:MAPS), along with its former CEO Christopher Beals and former CFO Arden Lee, for making negligent misrepresentations in the company's public reporting of its key operating metric, "monthly active users" (MAUs) for its online cannabis marketplace. The SEC also stated that it had initiated a related settled administrative proceeding against WM Technology, which agreed to pay a civil penalty of $1.5 million.
Following this news, WM Technology's stock dropped by 1.9% on September 25, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com
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