AI Sentiment: Very Bearish
Reason: WM Technology is facing a class-action lawsuit for allegedly issuing misleading and false statements and failing to disclose essential information to investors, causing a significant decrease in its share price.
Renowned investor counselor, Rosen Law Firm, has issued a reminder to the investors of WM Technology, Inc. regarding the looming deadline for participating in the class action lawsuit. The deadline for the submission of lead plaintiff applications is December 16th, 2021. The firm encourages those investors who have suffered losses exceeding $100,000 from investing in WM Technology securities during the relevant class period to take necessary action before the deadline.
The class action lawsuit arises from allegations that WM Technology might have issued misleading and/or false statements and/or failed to disclose information pertinent to investors. The complaint focuses on whether the company's executives violated securities laws by issuing false and misleading statements between June 2021 and November 2021.
More specifically, the allegations suggest that, on November 15, 2021, WM Technology revealed that it would need to revise its financial statements for the nine months ended September 30, 2021. The company admitted that it had incorrectly accounted for some of its revenue recognition, which led to a significant decrease in its share price.
In response to this revelation, shares of WM Technology fell by $1.87 per share, or nearly 28%, to close at $4.86 per share on November 16, 2021, inflicting substantial financial damage to investors.
The Rosen Law Firm represents investors worldwide, concentrating its practice in securities class actions and shareholder derivative litigation. The firm has been recognized by courts throughout the country for its quality legal services in the sphere of shareholder litigation.
Investors who purchased shares of WM Technology during the aforementioned period and incurred significant losses are urged to contact the Rosen Law Firm to secure their rights before the impending deadline. The law firm is offering to assist investors in recovering their losses and to remind them of the crucial December 16th deadline in the securities class action initiated against WM Technology, Inc.