MAPS Deadline to Lead in Securities Fraud Lawsuit is December 16, 2024 - Contact Kaplan Fox & Kilsheimer LLP

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If you are an investor in WM Technology and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 16, 2024, to serve as a lead plaintiff for the purported class.  If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.

WM Technology, also known as “Weedmaps,” describes itself as the operator of “an online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses. . . .”  The Company’s SEC filings, including the proxy and registration statement for its merger on June 16, 2021 to become a publicly traded company, reported monthly active users, or MAUs, for various reporting periods.

On August 9, 2022, after the markets closed, WM Technology disclosed in a 10-Q filing with the U.S. Securities and Exchange Commission (“SEC”) that in the second quarter of 2022, the board of directors “received an internal complaint regarding the calculation, definition, and reporting of our MAUs.”  The Company further disclosed that ‘[o]ur internal data suggests that the vast majority of users who are directed to weedmaps.com via pop-under advertisements close the site without clicking on any links” and that “[b]ased on management’s review, users whose access to the website resulted from these pop-under advertisements represented approximately 65% of our MAUs as of June 30, 2022, and 54%, 50% and 54% of our MAUs as of March 31, 2022, December 31, 2021 and September 30, 2021, respectively.”

Following this news, the price of WM Technology stock fell $0.87 per share, over 25%, to close at $2.59 per share on August 10, 2022.

Then on September 25, 2024, the SEC announced it had “charged [the Company], 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 SEC also announced it had “instituted a related settled administrative proceeding against WM Technology” and that “WM Technology also agreed to pay a civil penalty of $1,500,000.”

Following this news, the price of WM Technology stock fell nearly 2%, to close at $0.92 per share on September 25, 2024.

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CONTACT:

Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com