NEW YORK, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Marqeta, Inc. (“Marqeta” or the “Company”) (NYSE: MQ) securities between August 7, 2024 and November 4, 2024, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Marqeta understated the regulatory challenges affecting its business outlook. The Complaint further alleges that as a result, Marqeta would have to cut its guidance for the fourth quarter of 2024. Additionally, the Complaint alleges that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
The Complaint further alleges, that on November 4, 2024, after market hours, Marqeta issued a press release entitled “Marqeta Reports Third Quarter 2024 Financial Results.” (the “Third Quarter Press Release”) Additionally, the Complaint alleges that 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 the projected 16-18% net revenue growth and 22-24% gross profit growth figures mentioned in ¶ 22.
The Complaint also alleges that 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.” (Emphasis added).
The Complaint further alleges that on this news, Marqeta’s stock price fell $2.53 per share, or 42.5%, to close at $3.42 per share on November 5, 2024.
Finally, the Complaint alleges that as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common shares, Plaintiff and other Class members have suffered significant losses and damages.
Investors who purchased or otherwise acquired shares of Marqeta should contact the Firm prior to the February 7, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
