SAN DIEGO, Dec. 3, 2024 /PRNewswire/ -- The Shareholders Foundation, Inc. announced that lawsuit was filed for certain investors in WM Technology, Inc. (NASDAQ: MAPS) shares.

Investors who purchased shares of WM Technology, Inc. (NASDAQ: MAPS) have prior to May 2021 have also options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On September 25, 2024, the U.S. Securities and Exchange Commission (the "SEC") issued a litigation release in which it announced it had "charged public company WM Technology, Inc. (Nasdaq: MAPS), its former CEO, Christopher Beals, and its 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 same announcement noted the SEC had "also instituted a related settled administrative proceeding against WM Technology" and "WM Technology also agreed to pay a civil penalty of $1,500,000."

On October 17, 2024, a lawsuit was filed against WM Technology, Inc. The plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose, among other things, that WM Technology's monthly average user metrics (MAUs) were severely inflated for years; and that 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.

Those who purchased shares of WM Technology, Inc. (NASDAQ: MAPS) should contact the Shareholders Foundation, Inc.

CONTACT:

Shareholders Foundation, Inc. 

Michael Daniels 

+1 (858) 779-1554 

mail@shareholdersfoundation.com 

3111 Camino Del Rio North 

Suite 423 

San Diego, CA 92108

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.

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SOURCE Shareholders Foundation, Inc.