SAN DIEGO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds shareholders that a class action was filed on behalf of all investors and entities that purchased or otherwise acquired WM Technology, Inc. (NASDAQ: MAPS) securities between May 25, 2021 and September 24, 2024. 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[.]”

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The Allegations: Robbins LLP is Investigating Allegations that WM Technology, Inc. (MAPS) Failed to Maintain Adequate Control Over Financial Reporting

According to the complaint, on September 24, 2024, the SEC issued a litigation release in which it announced that 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 release noted that the SEC had “also instituted a related settled administrative proceeding against WM Technology” and that “WM Technology also agreed to pay a civil penalty of $1,500,000.” On this news, the price of WM Technology, Inc. common stock fell by 1.9% to close at $0.92 on September 25, 2024.

What Now: You may be eligible to participate in the class action against WM Technology, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 16, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

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