Investors Marqeta, Inc. those who suffered losses were notified of the February 7 class action deadline and invited to contact BFA Law by Investing.com
New York, New York–(Newsfile Corp. – December 27, 2024) – A leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Marqeta Inch. (NASDAQ: NASDAQ: ) and certain of the Company’s senior executives for possible violations of federal securities laws.
If you have invested in Marqeta, we encourage you to do so you can get additional information by visiting https://www.bfalaw.com/cases-investigations/marqeta-inc.
Investors have until February 7, 2025 to ask the Court to be appointed to manage the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Marqet’s securities. The first case filed is pending in the US District Court for the Northern District of California and is titled Wai v. Marqet, Inc., et al.number 24-cv-8874.
Why is Marqeta being sued for securities fraud?
Marqeta is a financial technology company that provides a card issuing platform, enabling businesses to create and manage customized payment cards. During the relevant period, Marqeta discussed its ability to attract and retain customers while continuing to achieve operational efficiencies given the alleged investments it had already made in its compliance infrastructure.
True, it is said that at the time the statements were made, Marqeta was experiencing longer timelines for onboarding clients caused by increased regulatory oversight and underinvestment in the company’s compliance apparatus.
The stock drops as the truth is revealed
On November 4, 2024, the company announced its financial results for the third quarter of 2024 and lowered its growth outlook for the full year 2025, due to “increased monitoring of the banking environment and specific changes to client programs.” On the same-day earnings call, the Company revealed that “regulatory oversight” is “clearly heightened” in the “first few months of 2024.” Marqeta also acknowledged that the impact of increased surveillance on the Company’s operations “has become apparent over the past few months.”
This news caused the Company’s stock price to decline by over 42%, from a closing price of $5.95 per share on November 4, 2024 to $3.42 per share on November 5, 2024.
Click here if you have suffered losses: https://www.bfalaw.com/cases-investigations/marqeta-inc.
What can you do?
If you have invested in Marqeta, you may have legal options and we encourage you to provide your information to the company.
All representation is on a contingency fee basis, at no cost to you. Shareholders are not responsible for any court costs or litigation expenses. The Company will seek court approval for all potential fees and costs.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/marqeta-inc
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. ISS SCAS named it a Top 5 Law Firm for Plaintiffs in 2023, Thompson Reuters named its attorneys Titans of the Plaintiffs Bar, and Thompson Reuters SuperLawyers. Among its recent notable successes, BFA recovered more than $900 million in value from Tesla (NASDAQ: ), Inc. board of directors (pending court approval), as well as $420 million from Teva Pharmaceutical (NYSE: ) Ind. Ltd.
For more information about BFA and its attorneys, visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/marqeta-inc
Advertising of lawyers. Past results do not guarantee future results.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/234193
