Match Group Inc. disclosed Wednesday that it has settled a lawsuit with former Tinder employees led by Tinder cofounder Sean Rad.
Match
MTCH,
has agreed to pay the plaintiffs $441 million and the plaintiffs will dismiss their claims related to the valuation of Tinder in 2017. Rad and other former Tinder employees had alleged that Match understated the value of Tinder in 2017 so that their stock options wouldn’t be as valuable.
Match plans to pay the settlement using cash on hand, the company said in a filing with the Securities and Exchange Commission.
Shares of the online-dating company are up about 3% in premarket trading Wednesday. They’ve lost 15.6% over the past month as the S&P 500
SPX,
has declined 1.0%.
This post was originally published on Market Watch
