Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Match Group, Inc. (NASDAQ: MTCH) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between August 6, 2019 and September 25, 2019. Match Group provides dating products and operates a portfolio of brands including Tinder, Match.com, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs, and Hinge, among others.
If you suffered a loss as a result of Match Group's misconduct, click here.
Match Group, Inc. (MTCH) Accused of Deceptive Business Practices
According to the complaint, in August 2019, Match Group touted an increase in subscribers in its second quarter 2019 financial results and reaffirmed these results in subsequent press releases. In reference to its potential risk factors, Match Group acknowledged that its "ability to attract and retain users through cost-effective marketing efforts" was necessary for the Company to remain profitable. However, Match Group failed to disclose that some of its marketing practices relied on deceiving its consumers through the use of artificial love interest ads to promote buying or upgrading subscriptions. Then, on September 25, 2019, the Federal Trade Commission announced that it was suing Match.com for its deceptive ads as well as its failure to resolve disputed charges and intentionally complicating its subscription cancellation process. Since this news, Match Group's share price fell 6% to close at $68.26 per share, an almost 26% decline from its class period high of $91.77, and has yet to recover.
Match Group, Inc. (MTCH) Shareholders Have Legal Options
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