Uncovering the Truth
Chicanery, deceit, and treachery; the walls of the financial world have ears, and they’ve caught wind of something unsavory in the realm of WM Technology, Inc. A recent investigation has unearthed questionable practices within the company that have investors on edge.
The Unraveling
On August 9, 2022, WM Technology publicly admitted to a concerning internal complaint regarding the calculation and reporting of Monthly Active Users (MAUs). The revelation that a chunk of its MAU growth stemmed from pop-under ads, only for these users to promptly exit the website without further engagement, sent shockwaves through the investment community.
A Tumbling House of Cards
The fallout was not long in coming. The Company’s stock price plummeted by $0.87 or 25.1%, closing at a measly $2.59 per share on August 10, 2022—leaving investors reeling in the aftermath of the revelation.
Further Down the Rabbit Hole
September 24, 2024, marked a grim turn of events when the Securities and Exchange Commission (SEC) levied charges against both the Company and its former top brass for what they termed as “negligent misrepresentations” in public reporting related to key operational metrics.
The Company took another hit, with the stock price dipping by $0.02 or 1.89%, closing at a dismal $0.92 per share on September 25, 2024—a double blow to the already bruised investors.
Seeking Justice
Amidst the chaos, whistleblowers are encouraged to step forward, shedding light on the shadows that cloak WM Technology’s dealings. The SEC Whistleblower Program offers a glimmer of hope, promising rewards for exposing crucial information in this financial fiasco.
Beyond the Smoke and Mirrors
Glancy Prongay & Murray LLP, a stalwart in pursuing justice on behalf of investors, stands at the forefront of the investigation into WM Technology, Inc.’s dubious practices. With a track record of combatting corporate misconduct, GPM’s pursuit of accountability resonates across the financial landscape.
As the saga unfolds, investors are left to navigate the murky waters of a once-prominent entity now embroiled in a quagmire of deception.