Weedmaps Hit With Investor Class Action Following SEC Fines Over Misleading Metrics
Portfolio Pulse from Juan Spínelli
Weedmaps, listed as WM Technology Inc. (NASDAQ:MAPS), faces a class action lawsuit from investors following SEC fines for misleading performance metrics. The SEC charged Weedmaps with inflating user metrics, leading to fines for former executives. The lawsuit expands to include additional executives. NASDAQ warned Weedmaps about its stock price falling below $1.00, risking delisting.
October 21, 2024 | 6:29 pm
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Weedmaps faces a class action lawsuit following SEC fines for misleading metrics. The lawsuit includes additional executives and comes amid NASDAQ's warning about potential delisting due to low stock price.
The class action lawsuit and SEC fines highlight significant legal and regulatory challenges for Weedmaps. The NASDAQ warning about potential delisting due to low stock price adds financial pressure, likely leading to negative short-term stock performance.
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