Pomerantz Law Firm Announces the Filing of a Class Action Against WM Technology, Inc. - MAPS

Pomerantz LLP announces that a class action lawsuit has been filed against WM Technology, Inc. (“WM” or the “Company”) (NASDAQ: MAPS).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

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

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

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[Click here for information about joining 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 relating to “the calculation, definition, and reporting of [its] MAUs [monthly active users]”, a self-described key operating metric for the Company.  Specifically, WM reported that “growth of our monthly active users, reported as MAUs, has been driven by the purchase of pop-under advertisements,” but that “internal data suggests that the vast majority of users who are directed . . . via pop-under advertisements close the site without clicking on 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 of [MAUs] for WM Technology’s online cannabis marketplace.”  The Release also noted that the SEC had instituted a related settled administrative proceeding against WM Technology” and that the Company had “agreed to pay a civil penalty of $1,500,00.” 

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.