Bumble’s Stock Structure Upheld by Delaware Judge (Correct)

A Delaware judge on Tuesday upheld Bumble Inc.’s dual-class stock structure, ruling against an investor who alleged the online dating company’s charter violated state corporate laws with “identity-based voting.”

The lawsuit filed in September 2022 challenged charter provisions granting 10 votes per share to any shares, whether they’re class A shares or class B, owned by Bumble’s founder, Whitney Wolfe Herd, and the company’s former private equity sponsor, Blackstone Inc. All other shares carry one vote.

“The Challenged Provisions comply with Delaware law,” said Delaware Court of Chancery Vice Chancellor J. Travis Laster in a written opinion.

The investor ...