NEW YORK, Dec. 22, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Marqeta, Inc. (NASDAQ: MQ) and certain of the Company’s senior executives for potential violations of the federal securities laws.
If you invested in Marqeta, you are encouraged to obtain 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 lead 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 Marqeta securities. The first-filed case is pending in the U.S. District Court for the Northern District of California and is captioned Wai v. Marqeta, Inc., et al., No. 24-cv-8874.
Why was Marqeta 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 purported investments it already made into its compliance infrastructure.
In truth, it is alleged that at the time the statements were made, Marqeta experienced longer customer onboarding timelines caused by heightened regulatory scrutiny and insufficient investments into the Company’s compliance apparatus.
The Stock Declines as the Truth is Revealed
On November 4, 2024, the Company reported its third quarter 2024 financial results and cut its full year 2025 growth outlook, due to “heightened scrutiny of the banking environment and specific customer program changes.” On the earnings call the same day, the Company revealed that “the regulatory scrutiny” had “clearly ratcheted up” in the “first few months of 2024.” Marqeta also admitted that the impact the increased scrutiny had on the Company’s business “became apparent over the last few months.”
This news caused the price of the Company’s stock to fall 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 suffered losses: https://www.bfalaw.com/cases-investigations/marqeta-inc.
What Can You Do?
If you invested in Marqeta you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/marqeta-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/marqeta-inc
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