Pomerantz Law Firm Notifies Shareholders of WM Technology Class Action and Deadlines

Shareholder Alert: WM Technology Class Action Lawsuit

Pomerantz LLP has recently announced a class action lawsuit filed against WM Technology, Inc. (NASDAQ: MAPS). This legal action concerns allegations of securities fraud involving the company and its management. Shareholders who have incurred financial losses due to their investments in WM Technology are encouraged to seek legal representation and consider joining the lawsuit. The firm suggests interested parties contact Danielle Peyton at [email protected] or call 646-581-9980, ext. 7980, for further details. Inquiries via email should include personal details such as mailing address and telephone number along with information regarding shares acquired.

Background of the Case

The core of the class action revolves around whether WM Technology and certain officials engaged in deceptive business practices. The lawsuit comes in light of disclosures made on August 9, 2022, when WM admitted to internal complaints concerning how it calculated and reported its Monthly Active Users (MAUs), a critical performance metric for the organization. The company acknowledged that growth in user numbers was largely due to pop-under advertising, yet internal data indicated that many users exited without interacting with the site.

This revelation led to a significant decline in WM's stock price, which dropped by 25.14% the following day. Subsequently, the SEC later took action against the firm in September 2024, charging WM and its former CEO and CFO for providing negligent reports regarding MAUs. The company was subsequently fined $1.5 million in a settled administrative proceeding.

Implications for Shareholders

As the lawsuit proceeds, affected shareholders are reminded that they have until December 16, 2024, to petition the court to become appointed as Lead Plaintiff for the class action. Potential participants are encouraged to obtain copies of the complaint via Pomerantz's official website at www.pomerantzlaw.com to better understand their standing and rights in this case.

About Pomerantz LLP

Pomerantz LLP is a well-regarded law firm with extensive experience in handling corporate, securities, and antitrust class litigation. Founded by Abraham L. Pomerantz, a pioneer in class action law, the firm takes pride in advocating for individuals affected by corporate malfeasance, fraud, and breach of fiduciary duty. With an illustrious history of winning sizable damages for clients, Pomerantz continues to embody the principles established by its founder for over eight decades.

For Shareholders:
If you hold shares of WM Technology and believe you have been adversely affected by the company’s actions, it is crucial to take prompt action. Contact the Pomerantz Law Firm or seek independent legal counsel to ensure your rights are protected as this class action unfolds. Remember, timely action is essential in navigating these challenging legal waters.