PHILADELPHIA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Bumble Inc. (NASDAQ: BMBL) on behalf of the company’s long-term investors.
Bumble provides online dating and social networking platforms, including apps Bumble, Badoo and Fruitz.
Recently a securities fraud complaint was filed against Bumble on behalf of certain investors who purchased shares of the company’s stock in September 2021. According to the complaint, in September 2021, Bumble and investment entity Blackstone completed a secondary public offering (“SPO”) of Bumble stock, selling over 20 million shares of stock to the investing public at $54.00 per share.
As further detailed in the complaint, unbeknownst to investors, at the time of the SPO, Bumble was suffering from a significant decline in growth and paying user growth—driven by inter alia a precipitous decline in the number of paying users of Bumble’s Badoo dating app. In November 2021, only two months after Blackstone pocketed over a billion dollars through the SPO, Bumble revealed its declining growth metrics to the investing public. In response, the price of Bumble shares plunged dramatically, declining more than 24.4% over the next two trading days.
The investigation seeks to determine whether the members of Bumble’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Bumble stockholders who purchased or acquired their BMBL shares prior to August 9, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/bumble/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
