| COMPANY |
Bumble Inc. |
| COURT |
United States District Court for the Western District of Texas |
| CASE NUMBER |
24-cv-01131 |
| JUDGE |
The Hon. Robert Lee Pitman |
| CLASS PERIOD |
November 7, 2023 through August 7, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
The Class Period begins on November 7, 2023, when Defendants issued a press release announcing the company’s third quarter fiscal year 2023 results for the quarter ended September 30, 2023, and also conducted an earnings call regarding these results. Therein, Defendants promoted their new “Premium Plus” subscription tier and introduced Lidiane Jones, who Bumble announced would be taking over the role of CEO effective January 2, 2024. Defendants also provided investors with material information concerning Bumble’s 2023 fiscal year revenue and expected guidance for the fiscal year 2024. These statements included, among other things, confidence in their understanding of the desires in their consumer market, growth in revenue per user on the back of the company’s new elevated subscription tier, and a full app relaunch to integrate features the company claimed would expand their market to more users with a focus on an increase in younger users on their platform.
The complaint alleges that, throughout the Class Period, Defendants created the false impression that they possessed reliable information pertaining to Bumble’s consumer market, resulting in Defendants’ confidence that the relaunch of the Bumble app, its associated marketing campaign, and the connected revamp of Bumble’s Premium Plus subscription tier would boost Bumble’s growth through an expanded user base and increased revenue per paid user in the second half of the year.
Current Status of Case:
On September 24, 2024, Named Plaintiffs filed an Initial Complaint. Motions to Appoint Lead Plaintiff and Counsel were filed on November 25, 2024. On December 19, 2024, the Court entered an Order Appointing Lead Plaintiff and Lead Counsel. This action is ongoing.
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