Bumble and Its Backers Win Over Insider Trading Claims
Bumble Inc.‘s founder and the dating app’s Blackstone Inc. backers prevailed Tuesday over investor claims of insider trading in a September 2021 stock offering.
The Delaware Chancery Court sided with a special litigation committee of Bumble’s board, which argued last week that the allegations in a lawsuit led by the City of Vero Beach Police Officers’ Retirement Trust Fund were too weak to advance. The consolidated litigation alleged Bumble hid a decline in paying users while steering toward the stock offering in which Blackstone made sales of over $1 billion.
