Bumble Inc. Company News: Berger Montague Investigating Securities Fraud Allegations Against Bumble, Inc. (BMBL); The deadline for the lead applicant is March 25, 2022 | 2022-03-11 | Press Releases
Philadelphia, Pa.–(Newsfile Corp. – March 11, 2022) – Berger Montague is investigating allegations of securities fraud 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 during the Company’s offer of September 10, 2021.
If you purchased Bumble securities during the Class Period, wish to discuss the Berger Montague investigation, or have any questions regarding 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 or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-bumble-inc/.
Whistleblowers: Anyone with nonpublic information about Bumble is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s 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, an operator of online dating and social media platforms, filed a registration statement for a secondary public offering of shares (the “SPO”). The SPO allowed majority shareholder Blackstone Group Inc. to sell 20.7 million shares of Class A common stock of Bumble at $54 per share, raising 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 increasing the number of paying users, Bumble’s number of paying users had fallen to 2.86 million, well in below the figure of 2.9 million paying Bumble users as of June 30, 2021, as stated in the registration statement. A lawsuit alleges that SPO documents did not disclose Bumble’s slowing paid user growth because we have other issues with the company’s dating apps.
As of the date the lawsuit was filed, Bumble’s Class A common stock was trading below $27 per share, down more than 50% from the SPO price.
Shepherd Montaguewith 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 more than five decades and acts as lead counsel before the courts. across the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell’Angelo, executive shareholder
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