According to the Complaint, WM Technology, Inc. describes itself as the operator of a “leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses." This class action was filed against the Company and a number of individual Defendants.

Until June 16, 2021, WM was a private company, then known as WM Holding Company, LLC (“Legacy WM”). On June 16, 2021, Legacy WM merged with a Special Purpose Acquisition Company named Silver Spike Acquisition Corp. Upon the consummation of the merger, both Legacy WM and Silver Spike ceased to exist and were replaced by WM Technology, Inc. as we now know it, and began to trade as a public company.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) WM Technology’s monthly average user metrics (MAUs) were severely inflated for years; and (2) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On March 11, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel.