NEW YORK, NY / ACCESSWIRE / November 8, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against WM Technology, Inc. (“WM” or the “Company”) (NASDAQ:MAPS). Such investors are encouraged to contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, ext. 7980. Those inquiring via email are encouraged to include their mailing address, telephone number and the number of shares purchased.

The class action lawsuit concerns whether WM and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

You have up to December 16, 2024to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or acquired WM securities during the Class Period. A copy of the complaint may be obtained at www.pomerantzlaw.com.

.(Click here for information on how to join the class action)

On August 9, 2022, WM disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its board of directors had received an internal complaint related to “the calculation, definition and presentation of reports on (your) MAU (monthly active users)”, a key operational metric that she describes for the Company. Specifically, WM reported that “the growth of our monthly active users, reported as MAU, has been driven by the purchase of pop-under ads,” but that “internal data suggests that the vast majority of users who are targeted… . via pop-under” -under the ads, close the site without clicking any links.”

On this news, WM’s stock price fell $0.87 per share, or 25.14%, to close at $2.59 per share on August 10, 2022.

Then, on September 24, 2024, the SEC issued a litigation release (the “Release”) in which it announced that it had “charged (WM), its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent representations in WM Technology’s public reporting regarding (MAU) for WM Technology’s online cannabis marketplace.” The statement also noted that the SEC had initiated a related administrative proceeding against WM Technology” and that the Company had “agreed to pay a civil penalty of $1,500,000.”

On this news, WM’s stock price fell $0.012 per share, or 1.29%, to close at $0.92 per share on September 25, 2024.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London and Paris, is recognized as a leading firm in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duties and corporate misconduct. The Firm has recovered numerous multi-million dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

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FOUNTAIN: Pomerantz LLP

See the original Press release at accesswire.com