Match Group, Inc. (Nasdaq: MTCH)
A class action lawsuit has been filed in the United States District Court for the Northern District of Texas, of purchasers of Match Group, Inc. (Nasdaq: MTCH) securities during August 6, 2019 thru September 25, 2019,(the “Class Period”).
On September 25, 2019, The Federal Trade Commission (“FTC”) announced that it had sued Match.com for, among other things, using artificial love interest ads to deceive consumers into buying or upgrading subscriptions, failing to resolve disputed charges, and intentionally making it difficult to cancel subscriptions.
On this news, the Company’s share price fell $1.39 per share, or nearly 2%, to close at $71.44 per share on September 25, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company used fake love interest ads to convince customers to buy and upgrade subscriptions; (2) that the Company made it difficult and confusing for consumers to cancel their subscriptions; (3) that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny; (4) that the Company lacked adequate disclosure controls and procedures; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you are a current shareholder and/or purchased stock during August 6, 2019 thru September 25, 2019 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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