Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against WM Technology, Inc. (“WM Technology” or the “Company”) (NASDAQ: MAPS) and reminds investors of the December 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) WM Technology’s monthly average user metrics (MAUs) were severely inflated for years; and (2) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 25, 2024, the U.S. Securities and Exchange Commission (the “SEC”) issued a litigation release in which it announced it had “charged public company WM Technology, Inc. (Nasdaq: MAPS), its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent misrepresentations in WM Technology’s public reporting of a self-described key operating metric, the “monthly active users,” or “MAU,” for WM Technology’s online cannabis marketplace.” The same announcement noted the SEC had “also instituted a related settled administrative proceeding against WM Technology” and “WM Technology also agreed to pay a civil penalty of $1,500,000.”
On this news, WM Technology’s stock fell 1.9% on September 25, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding WM Technology’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the WM Technology, Inc. class action, go to www.faruqilaw.com/MAPS or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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