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Bumble Sued by Fund Over Stock Sale Amid Undisclosed User Drop

Sept. 26, 2022, 6:11 PM

A pension fund sued Bumble Inc. in Delaware over concerns that the online dating company and its backers at Blackstone Inc. engineered a stock offering in September 2021 based on stale growth metrics just weeks before they released data showing a decline in users.

The lawsuit seeks internal files to investigate claims that Blackstone and Bumble CEO Whitney Wolfe Herd hyped the offering by highlighting outdated figures from the company’s second-quarter financials, despite knowing it would soon disclose users abandoning the app during the third quarter.

“There was no hint from Bumble or its board about the deterioration in its ...