Case Summary

WM Technology f/k/a Silver Spike Acquisition

NASDAQ: MAPS

Case Details

  • Ishak v. WM Technology, Inc. et al.
  • Class Period:May 25, 2021 - September 24, 2024
  • Date Filed:October 17, 2024
  • Jurisdiction:U.S. District Court, Central District of California
  • Docket Number: 2:24-cv-08959
  • Lead Plaintiff Deadline: December 16, 2024
Days Left to
Seek Plaintiff
44

Overview

A class action lawsuit has been filed against WM Technology, Inc. f/k/a Silver Spike Acquisition Corp. (“WM Technology” or the “Company”) (NASDAQ: MAPS) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The WM Technology class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded WM Technology securities between May 25, 2021, and September 24, 2024, both dates inclusive (the “Class Period”).  Investors have until December 16, 2024, to seek appointment as lead plaintiff in the WM Technology class action lawsuit.

WM Technology describes itself as the operator of a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses.  Until June 16, 2021, WM was a private company, then known as WM Holding Company, LLC (“Legacy WM”).  On June 16, 2021, Legacy WM merged with a Special Purpose Acquisition Company (SPAC) named Silver Spike Acquisition Corp “(Silver Spike”).  Up until that time, Silver Spike shares had traded on the NASDAQ under the ticker “SSPK.”  Upon the consummation of the merger, both Legacy WM and Silver Spike ceased to exist and were replaced by WM Technology, as we now know it, and began to trade as a public company under the “MAPS” ticker.

The WM Technology class action lawsuit alleges that Defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose, among other things, that: (1) WM Technology’s monthly average user metrics (MAUs) were severely inflated for years; and (2) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.  When the true details entered the market, the lawsuit claims that investors suffered damages.

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If you purchased or otherwise publicly traded WM Technology securities between May 25, 2021, and September 24, 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 WM Technology class action lawsuit is December 16, 2024.

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