Bumble takes Match to court – Match isn’t worried
News broke this week that the ongoing legal dispute between industry leading online dating company Match Group and its smaller competitor, Bumble, is going to court. Bumble, which is billed as a female-friendly alternative to some of Match’s products, is apparently “confident” it will win a lawsuit, and has promised to donate any winnings from the case to “female empowerment causes that further our mission and our values,” according to a statement from the company’s CEO. Match, however, thinks the lawsuit is utterly groundless.
Match’s share price has already appreciated by an incredible 83% so far this year
SOURCE: Yahoo Finance
According to Bumble, Match Group “fraudulently” obtained trade secrets, publicly disparaged Bumble, and “impacted Bumble’s other investments and acquisition offers” while it was trying to acquire Bumble for itself. As to having previously made an acquisition bid, Match agrees – but everything else, it says, is frankly nonsense.
A spokesperson for Match Group responded to a request for comment, leaving no doubt about the company’s opinion on the matter. The comment read: “Our statement on this lawsuit is the same today as it was six months ago: we obviously think this has no substance. To our knowledge, Bumble still has not served us. However, we understand their desire to distract from ongoing, actual litigation, regarding their misappropriation of trade secrets and infringing on our intellectual property. Bumble is required to file a response to our original claims next week and we look forward to proving these in court.”
Match, above, references a case it opened against Bumble in March of this year. As the story continues to play out in the courts and the press, we’ll keep you updated.
Dominion holds Match Group in its Global Trends Ecommerce Fund.
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