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The Law Offices of Frank R. Cruz Announces Investigation of WM Technology, Inc. (MAPS) on Behalf of Investors

1. WM Technology faces an SEC investigation for reporting MAU misrepresentation. 2. Stock dropped 25.1% on MAU complaints; further 1.89% drop post-SEC charges. 3. Company agreed to pay $1.5M penalty related to federal securities law violations.

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FAQ

Why Very Bearish?

The SEC charges and penalties significantly impact investor confidence and future profitability, similar to past SEC actions that led to sustained stock price declines.

How important is it?

Legal issues typically create substantial market impacts, especially concerning misreported metrics.

Why Short Term?

Immediate reactions to the investigation and past penalties will likely influence MAPS' price quickly.

Related Companies

WM TechnologyMAPS
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of WM Technology, Inc. (“WM Technology” or the “Company”) (NASDAQ: MAPS) on behalf of investors concerning the Company’s possible violations of federal securities laws. If you are a shareholder who suffered a loss, click here to participate. On August 9, 2022, WM Technology disclosed it had received an internal complaint concerning the calculation and reporting of Monthly Active Users (“MAUs”). The Company revealed that a significant portion of its MAU growth was driven by pop-under ads. The Company also acknowledged that most users from these ads left the site without interacting further. On this news, the Company’s stock price fell $0.87 or 25.1%, to close at $2.59 per share on August 10, 2022, thereby injuring investors. Then on September 24, 2024, the SEC announced it had charged the Company, the Company’s former CEO Christopher Beals, and the Company’s former CFO Arden Lee for “making negligent misrepresentations in WM Technology’s public reporting of a self-described key operating metric, the “monthly active users,” or “MAU,” for WM Technology’s online cannabis marketplace.” The SEC further announced it had “instituted a related settled administrative proceeding against WM Technology” and “WM Technology also agreed to pay a civil penalty of $1,500,000.” On this news, the Company’s stock price fell $0.02 or 1.89%, to close at $0.92 per share on September 25, 2024, thereby further injuring investors. Follow us for updates on Twitter: twitter.com/FRC_LAW. If you purchased WM Technology securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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