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 - EconoTimes)
NEW YORK, March 11, 2016 -- Gainey McKenna & Egleston announces that the class action lawsuit they filed on behalf of their client was the first proposed class action lawsuit filed against Match Group, Inc. (“Match Group” or the “Company”) (Nasdaq:MTCH) and certain other defendants. It is pending in the United District Court for the Northern District of Texas on behalf of all persons or entities who purchased or otherwise acquired Match Group securities pursuant or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s Initial Public Offering (the “IPO”) which commenced on or about November 18, 2015. Plaintiff seeks to pursue remedies against Defendants under §§ 11, 12(a)(2) and 15 of the Securities Act of 1933.
On November 19, 2015, Match Group sold 33,333,333 shares at $12.00 per share as part of its Initial Public Offering. Then on February 2, 2016, Match Group revealed to investors a decline in total user growth and per-user revenue, and the cannibalization of users and revenues across competing platforms. They also revealed that the Company’s net income has consistently fallen and that there had been a decline in revenue in their Princeton Review segment.
Shares of Match Group fell from a close of $12.79 prior to the announcement, to a recent close of just $9.76 on February 4, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than April 26, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
