Bernstein Liebhard LLP Announces That Four Weeks Remain To File A Motion For Lead Plaintiff In A Class Action Suit That Has Been Filed Against Match Group, Inc.
March 29, 2016
Bernstein Liebhard LLP announced that four weeks remain for investors to file a motion for lead plaintiff in a securities class action that has been filed in the United States District Court for the Northern District of Texas on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Match Group, Inc. (“Match Group” or the “Company”) pursuant or traceable to a prospectus issued in connection with the Company’s Initial Public Offering (the “IPO”), which commenced on or about November 20, 2015.
Match Group has two operating segments, dating and non-dating. In its dating segment, the Company provides a portfolio of approximately 45 brands, including Match, OkCupid, Tinder, PlentyOfFish, Meetic, Twoo, OurTime, and FriendScout24. In its non-dating segment, Match Group provides various test preparation, academic tutoring, and college counseling services.
On November 20, 2015, in connection with its IPO, Match Group filed its prospectus (the “Prospectus”) with the SEC. Among other things, the Prospectus stated that (i) although there had been a mix-driven decline in the Company’s Average Revenue Per Paying User (“ARPPU”), the Company was able to offset this decline by increasing the price of many of its products; and (ii) the Company’s non-dating adjusted EBITDA was positive for the first time in the third quarter of 2015.
Barely two months later, in a post-market announcement on February 2, 2016, Match Group revealed to investors that (i) total user growth and per-user revenue had declined; and (ii) the Company’s non-dating revenue had declined. After this announcement, shares of Match Group fell from a February 2, 2016 close of $12.19 per share to a February 3, 2016 close of $10.66 per share.
Plaintiffs seek to recover damages on behalf of all Class members who bought Match Group securities pursuant to the Prospectus. If you purchased Match Group securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 26, 2016.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Match Group investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of Texas.