NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Marqeta, Inc. (“Marqeta” or the “Company”) (NASDAQ: MQ) securities during the period of May 7, 2024, to November 4, 2024, inclusive (“the Class Period”). Investors have until February 7, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On November 4, 2024, after market hours, Marqeta issued a press release entitled “Marqeta Reports Third Quarter 2024 Financial Results.” In addition to reporting the Company’s third quarter results, the announcement gave fourth quarter guidance of 10-12% net revenue growth and 13-15% gross profit growth, as opposed to previously projected 16-18% net revenue growth and 22-24% gross profit growth figures. The press release further stated that the Company’s guidance “reflects several changes that became apparent over the last few months with regards to the heightened scrutiny of the banking environment and specific customer program changes.” On this news, the price of Marqeta shares declined by $2.53 per share, or approximately 42.5%, from $5.95 per share on November 4, 2024, to close at $3.42 on November 5, 2024.
The lawsuit alleges that defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) Marqeta understated the regulatory challenges affecting its business outlook; and (2) as a result, Marqeta would have to cut its guidance for the fourth quarter of 2024.
If you purchased or otherwise acquired Marqeta securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
