New York, New York–(Newsfile Corp. – December 21, 2024) – A Leading Securities Law Firm Blishmar Fonte & Old LLP He announces that a lawsuit has been filed against him Marketa (NASDAQ: NASDAQ:) and certain of the company's senior executives for possible violations of the federal securities laws.
If you invest in Marketa, we encourage you to do so Get additional information by visiting https://www.bfalaw.com/cases-investigations/marqeta-inc.
Investors have until February 7, 2025 to ask the court to appoint them 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 Marketa securities. The case first filed is pending in the U.S. District Court for the Northern District of California and has been put on hold Way v. Marchetta, Inc., et al.No. 24-CF-8874.
Why was Marketa sued for securities fraud?
Marqeta is a fintech company that provides a card issuance 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 due to the purported investments it had already made in its compliance infrastructure.
In fact, it is alleged that at the time of the statements, Marqeta faced longer customer onboarding timelines due to increased regulatory scrutiny and inadequate investments in the company's compliance apparatus.
Stocks decline as truth is revealed
On November 4, 2024, the company announced its financial results for the third quarter of 2024 and lowered its growth forecast for the full year of 2025, due to “increased scrutiny in the banking environment and specific customer program changes.” On an earnings call the same day, the company revealed that “regulatory scrutiny” had “clearly escalated” in “the first few months of 2024.” Marchetta also acknowledged that the impact of increased scrutiny on the company's business “has become clear over the past few months.”
This news caused the company's stock price to decline by more than 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 suffer losses: https://www.bfalaw.com/cases-investigations/marqeta-inc.
What can you do?
If you invest in Marqeta, you may have legal options and we encourage you to provide your information to the company.
All representation is done on a contingency fee basis, and there is no cost to you. Shareholders bear no responsibility for any court costs or litigation expenses. The Company will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/marqeta-inc
Why Blichmar Fonti & Old Co., Ltd.?
Bleichmar Fonti & Auld LLP is a leading international law firm that represents plaintiffs in securities class actions and shareholder lawsuits. It is ranked a Top 5 Law Firm for Plaintiffs 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 has recovered over $900 million in value from Tesla's (NASDAQ:) board (pending court approval), as well as $420 million from Teva Pharmaceuticals (NYSE:) 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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