WM Technology, Inc. (NASDAQ: MAPS)

This lawsuit is for anyone who acquired securities in WM Technology, Inc. (NASDAQ: MAPS) from May 25, 2021 through September 24, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the class period, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by knowingly overstating the Company’s monthly active users by including in the active users people who only visited the Company’s website once.

On August 9, 2022, WM Technology disclosed it had received an internal complaint concerning the calculation and reporting of Monthly Active Users (“MAUs”). The Company revealed that a significant portion of its MAU growth was driven by pop-under ads. The Company also acknowledged that most users from these ads left the site without interacting further. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then on September 24, 2024, the SEC announced it had charged the Company, the Company’s former CEO Christopher Beals, and the Company’s former CFO Arden Lee for “making negligent misrepresentations in WM Technology’s public reporting of a self-described key operating metric, the “monthly active users,” or “MAU,” for WM Technology’s online cannabis marketplace.” The SEC further announced it had had “instituted a related settled administrative proceeding against WM Technology” and “WM Technology also agreed to pay a civil penalty of $1,500,000.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities WM Technology, Inc. (NASDAQ: MAPS) from May 25, 2021 through September 24, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.