According to the complaint, the Company first launched its social media network in 2011 as a platform designed to connect people within specific neighborhoods. Beginning in approximately 2020, the Company allegedly reported in various filings an increase in user engagement, as demonstrated by a 37% growth in “active users,” and projected profitability, as reflected by a 10% increase in average revenue per user (“ARPU”). On November 5, 2021, the SPAC acquired the Company. Shortly thereafter, the Company allegedly disclosed a decline in ARPO and active user rates, and its stock prices allegedly dropped.

Plaintiff first purchased SPAC shares just before the merger on November 2, 2021, and in the post-merger Company on May 11, 2022. According to the Complaint, the Company allegedly inflated i

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