WM Technology, Inc
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
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.
The lead plaintiff appointed by the court is the investor with the largest financial interest in the case, who is also representative of the other class members and oversees the litigation on their behalf. Any member of the class can apply to be the lead plaintiff with their own legal counsel, or they can choose to remain a passive class member. Your potential recovery will not be affected by whether or not you choose to act as a lead plaintiff.
