SAN DIEGO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired WM Technology, Inc. (NASDAQ: MAPS) (“WM Technology” or the “Company”) securities between May 25, 2021 and September 24, 2024, inclusive (the “Class Period”), charging the Company and certain of its current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).
WM Technology investors have until December 16, 2024 to seek appointment as lead plaintiff of the WM Technology class action lawsuit.
If you purchased or acquired WM Technology securities between May 25, 2021 and September 24, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/wm-technology-f-k-a-silver-spike-acquisition/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
WM Technology operates an online cannabis marketplace for consumers and provides cannabis businesses with a comprehensive set of eCommerce and compliance software solutions.
The WM Technology lawsuit alleges that Defendants made false and misleading statements and concealed material adverse facts concerning WM Technology’s business and operations. Specifically, Defendants failed to disclose that WM Technology’s monthly active user (“MAU”) metric had been willfully inflated in many of its filings with the U.S. Securities and Exchange Commission (“SEC”) beginning in May 2021 until August 2024.
The truth began to emerge on August 9, 2022, when the Company disclosed in a Form 8-K and its Form 10-Q for the quarter ended June 30, 2022, that its board of directors had received an internal complaint concerning “the calculation, definition, and reporting of [its] MAUs.”
On this news, WM Technology stock fell by more than 25%.
Then, on September 24, 2024, the SEC issued a litigation release in which it announced that 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.”
In its litigation release, the SEC further announced that “WM Technology also agreed to pay a civil penalty of $1,500,00” and that the Company “determined its MAU by counting the total number of users that had ‘engaged with’ the WM Technology site in a given period, in truth, a large and increasing percentage of the users of the WM Technology site were instead persons who visited a third-party site, and who were then automatically shown the WM Technology site by way of a ‘pop-under’ advertisement” and “did not volitionally seek out the WM Technology site, and, in most instances, did not click on any links or engage in measurable activity on the WM Technology site.”
On this news, WM Technology’s stock fell by 1.9% to close at $0.92 on September 25, 2024.
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