Match Group stock slides after FTC sues the company for placing fake ads on its site.
The US Federal Trade Commission on Wednesday filed a lawsuit against Match Group, which owns Tinder, OKCupid and other dating sites.Match shares fell following the announcement., the online dating service company that owns Tinder, OKCupid and other dating sites, alleging that it used fake love interest advertisements to trick consumers into buying paid subscriptions.
Shares of Match Group dropped as much as 7% on the news, before recovering to be down around 3%. Match majority-owner"We believe that Match.com conned people into paying for subscriptions via messages the company knew were from scammers," said Andrew Smith, director of the FTC's Bureau of Consumer Protection.
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