08-11-2024 | WARNING TO SHAREHOLDERS: Pomerantz Law Firm announces the filing of a class action against WM Technology, Inc. – MAPS | NDAQ: CARDS

NEW YORK, NY / ACCESS WIRE / November 8, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against WM Technology, Inc. (“WM” or the “Company”) (NASDAQ:MAPS). Such investors are encouraged to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those inquiring by email are encouraged to include their mailing address, telephone number and the number of shares purchased.

The class action concerns whether WM and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.

You have until December 16, 2024to ask the court to appoint you as lead plaintiff for the class if you are a shareholder who purchased or otherwise acquired WM securities during the class period. You can request a copy of the complaint from www.pomerantzlaw.com.

.(Click here for information about joining the class action)

On August 9, 2022, WM disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its board of directors had received an internal complaint regarding “the calculation, definition and reporting of (its) MAUs (monthly active users)”, a self-described key operational metric for the company. Specifically, WM reported that “growth in our monthly active users, reported as MAUs, was driven by pop-under ad purchases,” but that “internal data suggests that the vast majority of users referred… via pop-under under-ads.” -Close the site under advertisements without clicking on any links.”

On this news, WM’s stock price fell $0.87 per share, or 25.14%, to close at $2.59 per share on August 10, 2022.

Subsequently, on September 24, 2024, the SEC issued a lawsuit release (the “Release”) announcing that it had “sued its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent representations in its public reporting of WM Technology over (MAUs) for WM Technology’s online cannabis marketplace.” The release also noted that the SEC had initiated related settlement proceedings against WM Technology” and that the company had “agreed to pay a civil penalty of $ 1,500.00 to be paid.”

On this news, WM’s stock price fell $0.012 per share, or 1.29%, to close at $0.92 per share on September 25, 2024.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London and Paris, is recognized as one of the premier firms in the areas of corporate, securities and antitrust law. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The company has recovered numerous millions of dollars in damages on behalf of class members. To see www.pomerantzlaw.com.

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SOURCE: Pomerantz LLP

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