NEW YORK, April 1, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Match Group, Inc. ("Match Group" or the "Company") (NASDAQ: MTCH) and certain of its officers. The class action, filed in United States District Court, Northern District of Texas, Dallas Division, and docketed under 16-cv-00668, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Match Group securities pursuant or traceable to the Company's Registration Statement and its Prospectus issued in connection with the Company's Initial Public Offering (the "Offering" or "IPO"), which commenced on or about November 20, 2015. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Match Group securities pursuant to the Company's IPO, you have until April 26, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Match Group provides dating products. It operates a portfolio of approximately 45 brands, including Match, OkCupid, Tinder, PlentyOfFish, Meetic, Twoo, OurTime, and FriendScout24. Match Group offers its dating products through its websites and applications in 38 languages in approximately 190 countries. It also provides various test preparation, academic tutoring, and college counseling services.
On November 20, 2015, in connection with its IPO, Match Group filed with the SEC a final prospectus (the "Prospectus") on Form 424B4 dated November 18, 2015. The Prospectus was part of a registration statement, filed on Form S-1/A with the SEC on November 17, 2015, and declared effective by the SEC on November 17, 2015 (the "Registration Statement").
The Complaint alleges that on November 19, 2015, Match Group sold 33,333,333 shares at $12.00 per share as part of its IPO. 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP