Overview

A class action lawsuit has been filed against Bumble, Inc. (“Bumble” or the “Company”) (NASDAQ: BMBL) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Bumble class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Bumble securities between November 7, 2023, and August 7, 2024, both dates inclusive (the “Class Period”).  Investors have until November 25, 2024, to seek appointment as lead plaintiff in the Bumble class action lawsuit.

Bumble, a dating app (the “Bumble App”), proclaims to be one of the first dating apps built with women at the center, where women make the first move.  The Bumble App claims to be a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia, and Canada.  As of the year ended December 31, 2023, the Bumble App had approximately 2.5 million Bumble App paying users.  In addition to the Bumble App, Bumble owns a suite of other apps, including Badoo, Fruitz, Bumble BFF, and Official.  These apps include a variety of different intention-based dating algorithms and platforms, providing users with unique online dating strategies.

The Bumble class action lawsuit alleges that Defendants made overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning Bumble’s relaunch strategy, including: Premium Plus and base tiers, focused engagement and more personalized experiences for younger users, and enhancing premium offerings for paid subscription members.

The truth began to emerge on February 27, 2024, when Bumble reported disappointing fourth quarter fiscal 2023 results despite the recent December 2022 launch of the Premium Plus subscription tier.  During the earnings call, management announced that the Premium Plus tier would be revamped as part of the planned Bumble App relaunch, as it “did not have a clear enough market fit” at launch.  As a result, Bumble lowered its guidance for full year 2024.  In response to this news, Bumble’s stock price fell from $13.18 per share on February 27, 2024, to $11.23 per share on February 28, 2024.

Then on August 7, 2024, Bumble announced mixed second quarter 2024 results.  Defendants then disclosed that the app relaunch was not going to plan, and the Company would again need to “reset” its outlook to refocus on the “consumer ecosystem” and “rebalance Bumble subscription tiers,” including a pause in the revamp of the poorly received Premium Plus tier.  Bumble again drastically cut its fiscal year guidance for a second time.  As a result, Bumble stock plummeted from $8.06 per share on August 7, 2024, to $5.71 per share on August 8, 2024.

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If you purchased or otherwise acquired Bumble securities between November 7, 2023, and August 7, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Bumble class action lawsuit is November 25, 2024.