According to the Complaint, Bumble purports to be a dating app. In addition to the Bumble App, Bumble owns a suite of other apps, including Badoo, Fruitz, Bumble BFF, and Official. These apps include a variety of different intention-based dating algorithms and platforms, providing users with unique online dating strategies. This class action was filed against Bumble and several of its Officers.

During the Class Period, Defendants provided investors with material information concerning Bumble’s 2023 fiscal year revenue and expected guidance for the fiscal year 2024. Defendants’ statements included, among other things, confidence in their understanding of the desires in their consumer market, growth in revenue per user on the back of the Company’s new elevated subscription tier, and a full app relaunch to integrate features the Company claimed would expand their market to more users with a focus on an increase in younger users on their platform.

The Complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning Bumble’s relaunch strategy and that these statements caused Plaintiff and other shareholders to purchase Bumble’s securities at artificially inflated prices.