SAN FRANCISCO, March 16, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm announces the filing of a securities fraud class action lawsuit against Match Group, Inc. (NASDAQ:MTCH) regarding revelations to investors about its revenue and net income in light of its initial public offering (IPO), and alerts investors there is an April 26, 2016 lead plaintiff deadline.
If you suffered losses because of your purchases of Match Group pursuant to the Company’s IPO which commenced on or about November 20, 2015, or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing MTCH@hbsslaw.com or visiting https://www.hbsslaw.com/cases/MTCH. The lawsuit was filed in the U.S. District Court for the Northern District of Texas and investors have until April 26, 2016 to move the court to participate as a lead plaintiff.
The lawsuit filed against Match Group states that in the process of filing for its IPO, Match Group sold more than 33 million shares at $12.00 per share on November 19, 2015. On February 2, 2016, the Company revealed to its investors that it was facing a decline in user growth and per-user revenue in its website and app-based dating products, as well as market cannibalization of revenues across its own competing platforms. Match Group also revealed that its net income had consistently fallen.
Prior to its announcement in connection with its IPO, Match Group shares traded at $12.79. Following the disclosure of this information on February 2, 2016, the price of Match Group stock price declined $3.03 or nearly 24%, to close at $9.76 on February 4, 2016, the next trading day.
Whistleblowers: Persons with non-public information regarding Match Group, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MTCH@hbsslaw.com.
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